London rents fall - but there's some glimmer of hope,...

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28 June 2019

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London rents fall - but there's some glimmer of hope, says Your Move

The corner may have turned for the London rental market as prices grew between April and May, according to the latest Your Move Rental Tracker.

While rents in the capital are slightly down compared to a year ago, the agency insists there are green shoots of recovery for the market.

Your Move found that prices in the capital rose by 0.3 per cent between April and May. However, on an annual basis rents were slightly down by 0.6 per cent.

The capital remains the most expensive place to rent in the country, with an average price of £1,265 per calendar month. London was one of only two regions to post an annual fall in rental prices.

The other was the East of England, where rents dropped by 2.0 per cent in the last 12 months. The average rent in this region is now £874.

The West Midlands saw the biggest price rises, with the typical home now being let for £643. This is 4.1 per cent higher than found in May 2018.

Across England and Wales the average property was let for £863 in May, representing a 0.2 per cent rise when compared to both the previous month and May 2018’s figure.

On a non-seasonally adjusted basis, the average rent was £836 in May this year.

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- 22 August 2019 11:14 AM
"but there's some glimmer of hope"
You are hoping for higher rents for tenants who are typically paying 30-50% of their income. Repellent.
22 August 2019 15:45 PM
Why do you think LL bother being LL!?
Yep for increasing rents.
If tenants CHOOSE to rent in expensive areas that is their CHOICE.
NO LL has ever been able to force a tenant to stay in a tenancy!
There are plenty of affordable areas.
Just gonna have to commute like most of the population who can't afford to live near their work.
Where do you think the results of MASS UNCONTROLLED IMMIGRATION have gone!?
Yep to the expensive city areas where they pile in and are prepared to live in domestic circumstances that no normal British national would consider.
Reduce immigration if you want cheaper rents.
Plus of course getting rid of S24 and the SDLT surcharge plus cancelling any idea of abolishing S#1.
Oh yes and get on building millions of properties of all types of tenure.
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- 22 August 2019 16:10 PM
hi paul, reduce increasing costs and higher tax if the tenants wants cheaper rent. I used to rent a single room 200 a month and 300 double room a month. With the hmo licencing, higher taxation, legal requirement of gas cert, elec cert, pat, etc etc, now its 400 single room and 500 double room.