LMGTFY"Rents in Britain have recorded their first annual drop for six years, according to the UK’s biggest estate and lettings agency.
In February, the average rent in Britain was £921 a month, £5 lower than a year earlier, and the first annual decrease since 2011. Countrywide, which compiled the figures, said the buying frenzy ahead of the hike in stamp duty last year pushed up the supply of new homes for letting by 10%. Meanwhile tenant demand has been dropping, particularly in London, possibly related to Brexit.
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Rents are falling fastest in the capital, down 4.3% over the year to an average of £1,246 a month. It means tenants are now typically paying £63 a month less to secure an apartment compared to last year.
Rents in the south-east have also dropped, by an average of 2.6%, but in other parts of the UK they are still rising. Countrywide said rents in Wales were up 5.3% over the last 12 months to an average of £636 per month, while in the east of England they rose 3.1% to £945.
In London, the supply of new homes to let is up 18%, but the number of tenants looking for properties has fallen by 3%. Tenant demand is also falling in the south-east, but in other parts of the UK it continues to rise."
Just after I bought my flat