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first_imgRents across England and Wales dropped by 1.2 per cent fell in October taking the average to £806 per month, according to the latest buy to let index from Your Move and Reeds Rains.Rental price falls were led by the South East where they dropped by 2.5 per cent month-on-month, followed by the South West, down 2.1 per cent, and London where they fell by 1.1 per cent.But despite the fall in rents between September and October, they remain significantly higher than a year ago, with average rents having increased by 4.7 per cent in the 12 months since October 2014.On an annual basis, London leads the way with rents 10.7 per cent higher year-on-year, while rents increased by 8.9 per cent in the East of England and 5.7 per cent in the East Midlands. By contrast, rents in Wales are 6.7 per cent lower than a year ago.With the festive season rapidly approaching, better deals will almost certainly be made available for tenants seeking to rent later in the autumn, but there has been no huge change in the supply-demand fundamentals pushing rents higher than in previous years, according to Adrian Gill (left), Director of Reeds Rains and Your Move.He commented: “The fact remains that the private rented sector is growing rapidly, driven by demand and new properties coming onto the rental market are letting quickly.”Gill pointed out that the private rented sector is much more closely connected to what people earn than the property purchase market.“Many tenants are earning more, and while buying a home is still an unrealistic stretch for millions, renting a home is luckily still within reach,” he continued. “Rents are more fundamentally limited by monthly budgets and now that ceiling is being lifted, average rents are likely to continue to rise rapidly on an annual basis.”The index also revealed that the gross yield on a typical rental property in England and Wales, before taking into account factors such as void periods, has fallen to 5 per cent in October, down from 5.1 per cent in September 2015.Taking into account both rental income and capital growth, the average landlord in England and Wales has seen total returns of 11.6 per cent over the 12 months ending October 2015, up from 10 per cent in September 2015.In absolute terms this means that the average landlord in England and Wales has seen a return of £20,933, before any deductions such as property maintenance and mortgage payments. Of this, the average capital gain contributed £12,272 while rental income made up £8,661 over the 12 months to September.“Growing property values are acting as a bonus for landlords, who may be able to access cheaper finance or invest in new properties as a result,” Gill added.rental price falls rental prices rents rents fall rents fall in October November 26, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 Home » News » Housing Market » Rents fall in October previous nextHousing MarketRents fall in OctoberRents in England and Wales fell by 1.2 per cent month-on-month but rose annually.The Negotiator26th November 20150532 Viewslast_img read more