Slowing down UK rents

UK-House-rentUK rental market has got hit by the slowing down in rents with UK rents dipping by 0.4% £1,290 which is due to the coming up festive season. London rental market is very sensitive to the changes in demands from tenants and the seasonal slowdown as most of the tenants prefers summer. However, rent kept increasing year on year corresponding to the wages. November had the fastest increase in rents for one bed which were much on demand among the first jobbers. The November data shows that the south east outran the areas with the fastest rental growth; York was the only area from outside the south east to feature in the top ten rental risers.

John Goodall, co-founder and chief executive of Landbay, says: “The Christmas season has finally managed to slowdown the speedy London rental market. But this is a case of temporary slowdown rather than an emergency stop. Rents continue their upward growth, with a slightly less pace. London’s rental market is very sensitive to changes in supply and demand. The November dip is likely to reflect lessening tenant demand as new hiring slows in the run-up to Christmas. We are amidst of a housing crisis and that wages are rising both these facts mean that rents are more likely than not to continue to climb next year.”

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