Residential rents fall for second month in UK

properties in sharp fallAccording to the HomeLet rental index, Rents in UK are continuing to fall by 0.3% in June compared to the same month a year ago. It is the second month in a row in which rents fell, taking the average monthly rent to £908. Rent fell month on month in a number of regions while Scotland saw the biggest rise at 2.3%, while rent were also up by 1.7% in the South East, by 1.5% in Greater London, and by 1.4% in the North West. Overall, June’s decline mirrors 0.3% fall seen in May, the first annual fall in rents recorded since December 2009. The average rent agreed on a new tenancy during June was £908, down from £910 in the same month of 2016.  landlords are reluctant to charge higher rents in the current uncertain economic climate. While demand for private rental property remains high relative to supply, landlords continue to be conscious of affordability issues for tenants.

HomeLet’s chief executive officer, Martin Totty: “It is now a full year since rental price inflation in the UK peaked at 4.7%, since when we’ve seen progressively more modest rent increases and, over the past two months, falls in some areas of the country. June’s figures are the first indication that this trend may now be beginning to flatten out, but it’s too early to say this with any certainty.”

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