London Rents Fall For First Time Since 2009

Rents have fallen year on year in London for the first time since 2009 and are flat in much of the rest of the country in fresh evidence of the post-Brexit vote slowdown in the property market. The UK’s biggest tenant referencing company, Homelet, said rents on new tenancies in London fell by 1.2% in April compared with the same month a year ago, the first annualised fall in eight years. The London average rent fell to £1,519 a month compared with £1,537 a year ago. Rents in the south-east have also fallen slightly year on year, from £1,007 to £1,003. After years of being hit by steadily rising rent bills, it appears that tenants in the capital may finally be getting the upper hand. Read more on the Homelet website.