Rents are falling in region faster than elsewhere

RENTS have decreased in the East Midlands more than in any other region of the UK.

The average tenancy cost £583 a month in the East Midlands between April and June this year, according to new figures from the Deposit Protection Service.

That is down by 3.1 per cent from £602 in the first quarter of 2018, a greater proportion than any other UK region.

Rents are also down on a year-on-year basis - having stood at £591 in April-June 2017.

It is the first time there has been a year- on-year decrease since the end of global financial crisis.

Rents in our region are also lower than across the rest of the country.

The average for the UK as a whole was £764.

That means London rents are, on average, £181 lower.

The figures show that across the UK rents fell in April-June by £7, from £771 a month to £764 a month.

That was also the first year-one-year fall since 2009.

Average rents outside of London were £671 in April-June, down from £677 in the same quarter in 2017.

It was lower in every English region except the South West, while Scotland and Northern Ireland have seen year-onyear increases.

Yorkshire saw the greatest percentage fall, with average rents dropping from £567 to £550.

The North East remains the cheapest place to rent property.

Average UK rents now account for 32.1 per cent of average wages, down from 32.6 per cent this time last year.

Julian Foster, Managing Director at The DPS, said: “Following almost a year of low growth, the UK rental market is now in recession in almost every part of the country.

“On top of this, our prediction last quarter that rents would decline year-onyear in Q2 for the first time since 2009 have proven accurate.

“There are clearly long-term issues with the sector that are having a substantial effect on growth, particularly in the capital, and it’s difficult to see this negative trend ending any time soon.”