Thursday, September 23, 2021
Landlords

Cost of renting a London home fell the most in eight years

The cost of renting a home in the UK capital fell the most in eight years in May as a glut of rental properties came onto the market and affordability issues led Londoners to seek cheaper accommodation.

The average monthly rent paid in May for new lettings in greater London was £1,502, a 3 per cent decline from a year earlier, HomeLet, the UK’s largest reference-checking and rentals insurance company, said in a statement on Tuesday. Rents across the UK fell 0.3 per cent from a year earlier, the first annual decline since December 2009, the data shows.

“Landlords are now facing a difficult balancing act between ensuring rents are affordable for tenants in a low real-wage growth environment whilst covering their own rising costs,” HomeLet chief executive Martin Totty said. “The slowdown in the rental sector mirrors a similar picture elsewhere in the housing market.”

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

1 × four =