UK rents drop for first time in decade
Renters – here’s some rare good news: UK rental costs have fallen for the first time in 10 long years.
The Deposit Protection Scheme’s latest figures reveal that the average rent tumbled by 1.17% (a whole £9!) last year.
Apparently, average rents were £774 (a month, I assume) in 2017, falling to an ever so slightly more bearable £765 in 2018.
At £21 (3.63%) Yorkshire and the Humber recorded the biggest drop, while costly old London experienced the biggest cash fall at £30 – though, naturally, the average monthly price there is still a disturbing £1,294.
Dan Wilson Craw, director of campaign group Generation Rent, said: ‘Falling rents are great news and, despite constant warnings of increases from the property industry, these figures demonstrate that landlords can’t simply demand more whenever they want to.
‘This should give tenants confidence in negotiating with their landlord – it’s always worth checking rents in the local market if you’re being asked to pay more. For many of us, however, rents are still oppressively high and only a sustained fall will bring about a noticeable improvement in living standards.’