UK rents fall in final summer months for the first time in five years
The glut of homes available has pushed down rents in the southeast of the country by 2.3 per cent in the period
Rents in Britain dropped in the final summer months for the first time in at least five years, according to Rightmove, one of the country’s leading [property agents.
National asking rents outside London fell by 0.2 per cent in the three months to September, which is one of the busiest times of year for tenants looking for a new home. It was the first fall at this time of year since Rightmove started tracking rents in late 2011.
The decline comes as landlords flood the southeast of England, particularly, with newly available rental properties, distorting the national picture as they turn away from a stuttering London property market.
The glut of homes available has pushed down rents in the southeast by 2.3 per cent in the period. Average rents rose in every other UK region apart from Greater London and Yorkshire and the Humber.
The biggest quarterly increase came in the North-east, where the average asking price rent rose by 2.6 per cent to £564 (US$740.4) per month.
Britain’s housing market is looking increasingly broken amid a chronic shortage of new homes.