Rents are stabilising across the UK, HomeLet has reported.
The firm says that the average cost in November was £806 a month, down 1.1% from October, but 3.9% higher than November last year.
Rents in the north-west increased to an average of £658 per month, but dropped in Greater London for a second consecutive month to £1,263 – making it 87.7% more expensive to rent in London than in the rest of the UK.
Referencing firm Homelet also says that the average age of tenants has been increasing, and is now 34.4.
Sales and marketing director Gary Abraham said: “It appears the surge in people buying homes following the introduction of Help to Buy has reduced the demand for rental properties and let to the stabilisation of rents across the UK.
“I believe this is is positive for the private rented sector. Rental prices were rising at a very high rate due to high demand and lack of supply, and consequently making costs increasingly unaffordable.
“However, with Help to Buy now in place, this demand has relaxed, rents have eased and tenants can hopefully look forward to more stable living costs.”
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