First annual decrease for rents in UK since 2010 according to Countrywide

Rents in the UK  have recorded their first annual decrease since 2010, according to Countrywide plc Monthly Lettings Index report for February 2017.

Tenant demand has been dropping the fastest in London, possibly caused by the Brexit decision. This drop in demand has seen rents in the capital drop 4.3% over the year to an average of £1,246 a month. Rents in the south-east have  dropped  by an average of 2.6%, in other parts of the UK however they are still rising, markedly at a slower pace than in previous months. Rental growth overall for the UK is being dragged down by London and the South East.

Johnny Morris, research director at Countrywide, said: “Economic and housing sentiment – both in sales and rental markets – has been affected by our vote to leave the EU, in London more than anywhere else. This uncertainty causes tenants to be more cautious, meaning less likely to move and more likely to look for cheaper accommodation, eg sharing. With the private rented sector home to around three-quarters of new migrants, any future substantial shift in migration patterns would likely have a knock-on effect on rents.”

Read the Countrywide plc Monthly Lettings Index report for February 2017 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.

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