Unsold properties cause steep fall in rents

The rise in the number of unsold properties hitting the rental market has pushed rents down by as much as 25 per cent across Britain. Average rents dropped to £795 a month in February, compared with £950 in May last year, equalling an average fall of 16.3 per cent. The number of new properties available for let has increased by 88 per cent during the past year.