By Daniel Hunter

LSL Property Services have said that the cost of renting a home in England and Wales hit another new high in October although the pace of rent rises slowed.

Their survey showed that the 'heat' had come out of the rental market as the quieter season for new tenants approached.

It said typical rent stood at £744 a month in October, up 0.4% on September.

The typical cost of renting a home in October was 3.4% higher than in the same month a year earlier, the survey said.

“Comparing average prices in the period October 2010 to September 2011 with October 2011 to September 2012 we see that once again there are pockets of the UK such as the West Midlands, Scotland, East Anglia and the South East that are fairing better than others with, in some instances, prices increasing substantially," James McAuley, Director of LSL Land & New Homes said.

“Of particular mention is the 10.4% rise in the price of terrace properties in Scotland which stands out against the generally positive new build market there. Six other regions also report increases in the price of such properties a sign, perhaps, of their growing popularity.

“Added to this, with the recent announcement that the first allocation from the shared equity scheme FirstBuy has been made, demand for flats also appears to be having a more positive impact on prices. East Anglia, the West Midlands and Scotland have all seen good price rises, a reflection, possibly, of the growing number of first time buyers who are now able to enter the market and who see flats as a favourable option."

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