Live updates

South West bucks trend as rental rates fall

Rental rates in the South West have fallen this year Credit: John Giles/PA Wire

Whilst rent in the private housing sector reached another new high last month, the South West has bucked the trend, with rates dropping by 1.5% annually.

Demand for rental homes has rocketed in the last year as people struggle to get on the property ladder because they cannot raise a deposit or meet lenders' toughened borrowing criteria.

Although rents increased by 3.2% nationally to an average of £741pcm, rates in the South West fell to an average of £638.

The findings come a day after the Money Advice Trust announced that a record 12,000 tenants were struggling with arrears had contacted its national debtline this year - the biggest number in its 26-year history.

Advertisement

Advertisement

Today's top stories