Sharp fall in residential rents

However, residential rents outside of London rose, albeit only by 0.7%, to £791 over the same period. Rents on the whole have been slowing steadily since the start of the year in the wake of record rises during 2011.

The number of new applicants looking to rent with haart continues to increase with as many as seven people chasing every available property in certain parts of London and the South East.

Andrew Benn, Managing Director of haart Residential Lettings, said: "After the record rises we saw in 2011, rents have been slowing down steadily in recent months, which is good news for prospective tenants considering renting a property in the near future.

"At the same time, we are seeing long-term tenancies becoming commonplace, so while landlords may not achieve the same rents as previously enjoyed, they are benefiting from the security of tenure and with it minimising the potential for expensive void periods."

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