PRS Rents have fallen back for the first time since March across most of UK, says LSL

PRS Rent falls for first time in 8 months

PRS Rent falls for first time in 8 months

Private Rented Sector (PRS) Rents fell in November 2012 for the first time in eight months, but still remain 3.4% higher than in November 2011.

The latest LSL rental survey, which measures PRS asking price rents, says that the average rent was £741 (GBP) last month.

The largest fall was in the South-East of England where rents dropped 1.9%, the region’s first monthly decline since February 2012.

Rents in the North-West and West Midlands fell 1.1% and 1% respectively.

Rents rose the fastest in Wales and Yorkshire and the Humber, while in London PRS rents went up just 0.2%.

On an annual basis, PRS rents are higher than a year ago in all but Wales.

Rental growth was the highest in London, where rents were 6.9% higher than in last November and hit a new peak of £1,104 (GBP).

LSL estimates that the total amount of rent late or unpaid fell to the lowest level since June 2010, with total arrears of £241 Million (GBP), down from £265 Million (GBP) in October. This equates to 7.4% of all PRS rent across England and Wales.

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