The latest property news, headlines and analysis from The NE Times.
The average new let now costs £1,321 a month, up 2.1% in a year, but Zoopla's data shows rents climbing fastest in the cheapest areas while pricier postcodes cool.
Property values edged lower last month as Middle East uncertainty sapped momentum, even as a string of major lenders cut selected fixed deals in a battle for borrowers.
A surprise monthly drop reported by Nationwide has confirmed a cooling property market, with prices sliding in the south while northern regions and the devolved nations continue to climb.
The average home cost just under £299,000 in May, with Halifax reporting a slight monthly dip while annual growth ticked up to 0.5 per cent.