New rents in London have fallen by 1.2% in April compared to the same time last year, referencing firm Homelet has reported.
It says that this is the first such fall since December 2009.
Across the UK, Homelet’s data reveals that the average monthly rent stands at £904. In the South East, rents have fallen for the last four months.
Although London remains the most expensive place to rent a home, the capital’s rental market has slowed significantly. According to Your Move, London rents are down 6.4% since January. Homelet’s CEO Martin Totty said: “We continue to see landlords and letting agents weighing tenant affordability considerations very seriously.”
From a corporate rental perspective, Dwellworks is negotiating hard in locations where our experienced consultants feel that the potential for reductions remain. In many cases, landlords have already adjusted asking prices, so it is not a good idea to assume that blanket reductions should apply. Rest assured that our consultants will continue to keep an eye on prices and push back on renewals, keeping any increases to a minimum.