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The annual rate of increase for residential rents in the UK has fallen from 3.9% to 2.9% after dropping 0.4% in November, the latest index figures have revealed.
Rents in London fell by 0.6% month on month as part of a seasonal slowdown in monthly rent prices, according to the Landbay Rental Index.
The average monthly rent in the UK now stands at £1,290.
Rent increases were fastest for one bed properties which were up 4% year on year and which are most popular with young professionals and those with first jobs.
Three bed properties also saw rents rise by 3.6% the data has shown.
The South East is dominating the areas with the fastest rental growth with York being the only area from outside the South East to feature in the top 10 rental risers.
A spokesperson for Discount Landlord said: “Overall, rents appear to be increasing despite the marginal declines which are common during this time of year as fewer people move to new areas for work.”
“As rents are expected to continue to rise, landlords should consider getting Rent Guarantee and Legal Expenses insurance to guard against potential void,” added the spokesperson.
Rents have increased steadily since early 2013 and have climbed 7% since January 2013 when they were £1,206, slightly ahead of wage growth which is up 4.8% since January 2013.
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