Buy To Let Updated:
Potential renters have been told now is the time to find a new property, as the market takes a breather over the festive period and asking prices fall.
Monthly rents dipped in November for the fourth consecutive year to bring the average asking price per month down to £871, according to FindaProperty.com.
The fall of 1.5% suggests a trend which has been apparent since 2008 is set to continue, with rental prices experiencing a temporary lull in the final two months of the year, before rebounding to new heights in the spring.
The figures reveal rental asking prices increased consecutively for the first nine months of this year, peaking in September at £890.
Against this backdrop of a booming rental market, it is suggested that rents are likely to rise again in 2012 in line with seasonal trends.
And if this were to happen, it makes December the optimum time for new tenants to secure favourable prices.
"Demand for rental properties has boosted prices this year, forcing many households to spend significant proportions of their income on accommodation," said Samantha Baden, property analyst at the website.
"This temporary dip in asking prices won't last long, and it's a great opportunity for potential tenants to agree a rate that's favourable in comparison to the rest of the year.
"Over the past couple of years rental prices have picked up very quickly after the December lull, so our advice to potential buyers is to act fast to take advantage of this seasonal dip."
Amidst the overall fall in rental prices witnessed last month, the East Midlands recorded the biggest average reduction of -4.8%.
In contrast, properties in Wales displayed a relative immunity to the slowdown, with prices actually rising by 1.3% in November.
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