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Tuesday, March 20, 2012

Average rents fall in February

Average rents took a surprising fall in the February according to LSL Property Services data.

Well all good things come to an end I suppose.

The figures report that the average rent across England and Wales fell by 0.6% to £707 per month. The biggest falls were seen in the East Midlands (-2.2%) and West Midlands (-1.8%).

There was even a fall in rents in the capital, with a drop of 0.4%.

David Newnes of LSL, commented that “In the longer term, it’s difficult to see a prolonged decrease in the tenant demand underpinning rental inflation.”

He adds: “There are already indications that mortgage lending is falling back, and that mortgage rates are beginning to climb, which will limit the number of prospective homebuyers leaving the rental sector.”

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