Rents in London are falling as the capital's stagnant market drags back the rest of the UK -Londra Gazete
Londra Gazete

Rents in London are falling as the capital’s stagnant market drags back the rest of the UK

London’s stagnant property market is dragging back the UK market as a whole, according to the July rental index from rentals-insurance firm HomeLet.

It found that the average price for new lettings grew by 1.1% in July across the UK, but fell by 0.6% in London to £1,564 a month.

That makes July the fourth month in a row in which London saw rent price falls.

The pace of decline is slowing — June saw a 2.9% drop — but the London market is now starkly different from even last year.

Rents in the capital were rising at a rate of 6.6% per month in July 2016.

London’s property market has been adversely affected by uncertainty around the Brexit vote, as well as tax changes for landlords in April last year. A stamp duty hike on second homes led to a rush of landlords buying new properties, which subsequently boosted supply.

HomeLet said the figures show the Greater London rental market “continues to act as a brake on the UK as a whole”

The slowdown in house prices has been a continuing trend since the beginning of this year as buyers see their wage growth fall behind inflation levels, resulting in a squeeze on spending power.

Russell Galley, Managing Director of Halifax Community Bank, said the downward pressure on wages compared to a steady rise in consumer prices meant that some people may be holding back from buying.



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