Rents drop across UK
For the first time in eight years, the average rent across the United Kingdom has fallen.
Five out of 12 regions have seen drops, with the highest coming in Greater London – 1.1%.
The property market has been in a period of flux recently across the nation, although the Yorkshire property market is bucking the trend as Preston Baker continues to see strong growth in our areas.
However, the average rent for May was £901pcm, a drop of 0.3% from this time last year. The first time there’s been a drop of this kind in almost a decade.
Landlords are facing a difficult balancing act between ensuring rents are affordable for tenants in a low wage growth environment, while covering their own rising costs.
This is the view of Martin Totty, chief executive of HomeLet, who picked out this data. And, what this does is mirror the house price market, which is also seeing a slight slowdown with, falls in the last three months.
What’s the outlook in Yorkshire?
Overall, this is a result of extra supply but the recently added red tape which has seen landlords be unable to get the reasonable returns as before mean that it’s unlikely to carry on in the next few months.
In Yorkshire the drop was 0.7% between April and May, along with a 0.6% fall year on year.
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