Cost of renting in London falls in February

The cost of renting in London cheapened in February according to letting agents.

A quarter (25%) of agents reported a fall in the cost of renting compared to 8% that saw an increase, as detailed in the Association of Residential Letting Agents’ private rental sector report.

On a national level renting is still growing more expensive, with 25% of agents reporting a rental increase and just one in 10 seeing them fall.

David Cox, chief executive of ARLA Propertymark, said: “The fact that rent prices in London are bucking the national trend is a positive sign for both renters and prospective renters in the capital.

“However, this isn’t being seen across the rest of the country, as the national average for the number of agents reporting rent hikes rings alarm bells.

“While London’s results indicate a step in the right direction, it must be taken with a pinch of salt.

“With the imminent withdrawal of mortgage interest relief and the government’s decision to ban letting agent fees will more than likely have the opposite effect on rental costs across the country if an out-right ban is imposed.

“The costs of the services provided by letting agents will need to be recouped and will inevitably be passed onto renters through increased rent.”

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Written by: Houseladder