New rents fall in London for first time in eight years

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New rents in London have fallen for the first time in eight years, referencing firm Homelet reported this morning.

It said that rents on new tenancies in the capital fell by 1.2% in April compared with the same time last year – the first fall since December 2009.

Across the UK, newly agreed rents were just 0.4% higher than a year ago, with the average monthly rent standing at £904.

Homelet CEO Martin Totty said: “Rents have been rising at a more modest pace across the whole of the UK in recent months, with lower levels of rental price inflation and even falling rents in areas of the country where prices were previously rising most quickly.

“We continue to see landlords and letting agents weighing tenant affordability considerations very seriously.”

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Written by: Houseladder