Rents in Greater London for new tenancies are rising at the slowest rate for almost two years.
Data from HomeLet shows rents 6.2 per cent higher for the three months to January 2016 compared to the same period in 2015 - the slowest rate of growth seen in Greater London since March 2014.
Yet although the rate of growth in rent prices in Greater London may have slowed, monthly rents on new tenancies are still more than twice the average for the rest of the UK.
By comparison, rent prices in other regions continue to rise steadily with the South East of England and the East Midlands seeing the highest rent price rises in the three months to January 2016, at 7.2 per cent and 6.8 per cent respectively.
This month’s Index shows 11 out of 12 regions in the UK seeing prices rise in the three months to January 2016, compared to the same period last year, with only the North West of England seeing prices dip by 3.4 per cent from £646 per month to £624 per month.
“In recent years, the capital has seen much faster rates of increase than the rest of the country, but it may be that an affordability ceiling has now been reached in London and that rents will now track other parts of the UK more closely” says Martin Totty, Barbon Insurance Group chief executive.
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freshbusinessthinking quotes “The fact that UK-wide average rents in the private rented sector continue to show sustained upwards growth reflects there is still strong demand for rental properties, driven mainly by the impact of the long term structural imbalance in supply and demand of property. Landlords achieving higher average rents over time also suggests that tenants starting a new tenancy are proving they can afford higher average rents – with demand outstripping supply, some would-be tenants may be able to outbid rivals for properties, which could drive higher rents.”
Neil Parmer, Property Adviser at assuredproperties.co.uk
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