North East Rents Cheapest In The Country
16 January 2015, 07:37
The cost of renting in the North East's fallen in 2014, making it the cheapest in the country.
New figures show the average rent in our region has dropped by 2.1%, which equates to an average of £10 a month.
It now costs on average £514 a month to rent a home here.
Nationally, the average residential rent across England and Wales now stands at £767 - compared to £745 in December 2013.
Elsewhere, rents are higher than a year ago in eight out of ten regions of England & Wales.
This is led by the East of England, with a 7.6% annual increase.
The East Midlands has seen rents rise by 6.2% on an annual basis, followed by London where rents are up 4.1% over the last twelve months, and Yorkshire & the Humber with a 3.4% annual increase.
As a result, these four regions have seen a new record for rents in December.
By contrast rents in two regions, including the North East, are lower than a year ago.
Average rents in our region fell by 2.1% over the course of 2014, while rents in the South West are 1.0% lower on an annual basis.
The figures come from the latest Buy-to-Let Index from Your Move and Reeds Rains.