Rents fall for first time in six years

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PA

The average monthly rent for newly let properties has fallen for initially since late 2010, says the estate agency Countrywide.

The drop has been due to a big recent increase within the supply of properties becoming available, mainly in London.

in which was due to some landlords rushing to buy last year before a 3% stamp duty surcharge came into effect.

The average brand new tenancy in England, Wales as well as also Scotland fell 0.6% within the year to February, to £921 a month.

The main factor was a big drop in rents in London as well as also south east of England.

within the capital they fell by nearly 5% within the past year to an average of £1,246 a month, as well as also within the south east of England they fell by nearly 3% to £1,152.

Everywhere else rental levels continued to rise.

“Rents are growing in most of the country nevertheless falls in London as well as also the south east are dragging down the national growth rate, ” said Countrywide’s research director Johnny Morris.

“Early signs point towards 2017 being a rare year where rents rise faster within the north of the country than within the south,” he added.

Countrywide’s research will be at odds with the most recent figures coming from the Office for National Statistics (ONS).

Its latest figures, for the year to January 2017, showed in which across the UK rents for private tenants had risen by 2.2.%.

When the figures were published last month, the ONS commented in which “inflation within the rental market will be likely to have been caused by demand within the market outpacing supply” – a distinctly different message coming from in which of Countrywide.

Countrywide said This particular expected the apparent over-supply of rental properties to be flushed out of the market within the coming year, with average national rents starting to grow again after in which.

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