Now is optimum time to rent

This is according to a review from FindaProperty.com which shows that monthly rents dipped in November for the fourth consecutive year, bringing the average asking price per month down to £871.

Since 2008, rental prices have experienced a temporary lull in the final two months of the year, before rebounding to new heights in the spring.

Rental asking prices rose consecutively for the first nine months of this year, peaking in September at £890 – equivalent to half the average household’s net earnings per month.

Against a backdrop of a booming rental market in 2011, in which asking prices reached new heights of £890, FindaProperty.com believes rents are likely to rise again in 2012 in line with seasonal trends, making December the optimum time for new tenants to secure favourable prices.

While UK rental prices fell 1.5% last month, the East Midlands’ rental market recorded the biggest average reduction of -4.8%. In contrast, properties in Wales have proved somewhat immune to the slowdown, with prices rising 1.3% in November.

Samantha Baden, property analyst at FindaProperty.com, said: “Demand for rental properties has boosted prices this year, forcing many households to spend significant proportions of their income on accommodation.

“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.”