Rents across UK up 1.5pc in July

rental propertyRents across UK has increased by 1.5%, wherein rents in London has fell by 0.5% in July year on year as growth in the lettings market in the city slowed down. According to Countrywide Lettings’ Index, the rental growth slowed across every region of the country and the drop in London was the first annual fall in rents for six years; meanwhile, report shows that while tenant demand has increased nationally, the supply in the rental market has slowed. In July there were 23% more homes available to rent in the UK than at the same time last year, however the number of homes available to rent has continued to rise in recent months, particularly in London and the South East.
Johnny Morris, director of research at Countrywide, says: “The large rise in numbers of homes available to rent has certainly slowed rental growth, even with tenant numbers increasing. The uncertainty in the sales market in the run up to, and after the EU result has caused more flexible sellers to turn to the rental market. While rental price growth has slowed, current market is likely to accelerate the growth of renting. Moreover it seems that with more stock and demand from tenants we will see the number of households renting increase in 2016.”

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