London rents fall for fifth month running

The cost of renting in London fell for a fifth successive month in April 2017, Your Move’s Buy-to-Let index has revealed.

In the capital properties are typically letting for £1,273, 0.3% lower than March 2017 and 1.8% lower than April 2016.

The biggest rise was in Wales, where prices rose by 8.5% to £602 per month, while another strong area was the East of England where prices grew by 6.1% to £876.

Valerie Bannister, lettings director at Your Move, said: “Recent years have been characterised by rapidly rising rents in London, with the capital steaming ahead of the rest of the country.

“That’s no longer the case as prices in London are trending downwards while the rest of the country slowly catches up.

“Yet falling rents in London should be seen in a wider economic context, with uncertainty caused by the snap General Election and the upcoming Brexit negotiations forcing the capital’s property market to take a pause for breath.”

“The strongest performing areas are now Wales and the East of England, prices in these areas have risen faster than anywhere else in the last 12 months.”

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