Cost of rents drops

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PRIVATE rent in the North East has fallen while the cost has risen by £1 on average over the last couple of months, according to a major lettings network.

Nationwide, rents saw a small 0.2 per cent increase in July to reach £738 a month typically, following a flat month in June, according to LSL Property Services, which owns Your Move and Reeds Rains. The findings mean rents across England and Wales have risen by just £1 since May as more people find it easier to get on the property ladder.

Its report comes in the same week that the Council of Mortgage Lenders (CML) said that first-time buyer numbers have soared to their highest levels since 2007.