Average rents fell nationally for the first time in eight years in May 2017 says Homelet

June 6, 2017

Homelet Rental Index report – May 2017 data published today headlines ‘UK rents fall for the first time in eight years’.

Rents in the UK fell by 0.3% in May compared to the same month a year ago, the average monthly rent now stands at £901. Rents in London fell by 3.0% in May compared to May 2016, the most substantial fall for 8 years.

Commenting on the research, HomeLet’s Chief Executive Officer, Martin Totty said:

“May 2017 saw average rents nationally fall for the first time in eight years when the economy had suffered the shock of the financial crisis. HomeLet rental data suggests landlords are now facing a difficult balancing act between ensuring rents are affordable for tenants in a low real wage growth environment whilst covering their own rising costs.

“Tenants will still need a vibrant and growing rented sector to provide them with property options at the time of their choosing. Any constraint to the supply of rental properties, because landlords are unable to achieve the reasonable returns they require, cannot be in the long term best interests of tenants, especially if, as we’ve now heard from all the main political parties, the UK’s population continues to grow.”

Read the Homelet Rental Index report – May 2017 data in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Letting Agent Talk

What Leaseholder Reform Really Means for Managing Agents

By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The past decade has seen a growing focus on leaseholder rights, and in the last few years, that focus has intensified into full-scale reform. With the Leasehold and Freehold Reform Act 2024 now enacted and further measures under consultation, managing agents are…
Read More →
Breaking News

Mortgage approvals bounce back in September

The property industry’s reaction to the latest mortgage approval data from the Bank of England. The latest figures show that: – Mortgage approvals on house purchases for September sat at 65,944 up (+1.5%) from 64,963 in August. Approvals are up slightly (+0.5%) when compared to the 65,628 seen in September 2024. This increase shows stability…
Read More →
Estate Agent Talk

E-E-A-T and Beyond: What Google Really Wants From Your Website Content

When it comes to ranking in Google search, content quality isn’t just about good writing or clever keywords anymore. Google’s algorithms have become far more sophisticated, prioritising expertise, experience, authority and trustworthiness, a concept now commonly referred to as E-E-A-T. Understanding and implementing E-E-A-T is essential for anyone who wants their website to perform well…
Read More →
Letting Agent Talk

Added value for tenants: Simple improvements that can justify higher rent

By Allison Thompson, National Lettings Managing Director, Romans Although the rent you charge must be in line with local market rates, there will be a range of prices, and you want to be at the top end. Modern fittings and clean, fresh décor are a standard ‘must’, but what are the extra things you can…
Read More →
Breaking News

Breaking Property News 29/10/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   New joint venture to deliver purpose built housing for 1,500 students Valpre Capital and Katch Investment Group launch JV Platform delivering more student accommodation across the UK, the joint venture is set to deliver up to 1,500 student beds in the next few years Following…
Read More →
Breaking News

Homes on spooky street names like ‘bat’ and ‘hell’ sell for far above the national average

The Halloween street names that cost a fortune to live on A new study has determined which Halloween-themed streets are the most expensive to live on.  Streets with the word ‘bat’ in the name face an increase of 188.6% from the national average house price in the UK.  Streets that include the words ‘cauldron’ or…
Read More →