UK rental prices decline in most regions

Average rents fell across ten of the eleven regions surveyed in the UK during September, according to data from Propertymark. Scotland experienced the most significant monthly decrease of 3.4%, bringing the average rent to £1,134. Other notable declines included the North West, which fell 2.5% to £1,109, and both London and the South West, which each dropped 2.1%.

The East Midlands was the sole region to report an increase, with rents edging up 0.1% to £991.

Despite the monthly cooling, affordability remains a challenge. While monthly rents decreased, the annual income required to secure a rental property rose in several areas. London remains the most expensive market, requiring an annual salary of £72,450 to meet affordability thresholds, whereas the North East requires an average of £26,160. Kim Lidbury, President of ARLA Propertymark, noted that while the figures suggest easing pressure, the long-term solution requires increasing the supply of high-quality housing.