UK rents drop
Rent news, anyone? Allow me…
UK average monthly rents are at their lowest level for three years, or so The Deposit Protection Service’s (DPS) quarterly report says.
The average rent fell to £757 during the first quarter of 2019, with tenants paying £5 (0.64%) less than 2018’s closing quarter, and over £14 (1.87%) lower than 2018’s first quarter.
And what’s caused this drop? The DPS reckons that it may in part be caused by tenants reluctant to move until the new tenancy fees ban comes into effect in June. Maybe.
It’s not good news for renters all over, though: the South West, East Midlands, Yorkshire and The Humber and Wales saw increases in the last quarter, even if they were rather tiny.
Daren King, the DPS’s head of tenancy deposit protection, said: ‘The depressed market for rents is part of the larger slowdown that began during the summer of 2016 and which we believe is linked to broad economic factors affecting spending power and demand in the UK.
‘We also believe that the rental market may be experiencing a period of tenant inactivity driven by uncertainty ahead of the imminent enforcement of the ban on tenancy fees.’
Naturally, expensive old London remains by far the most costly place to rent, while the North East is still the cheapest option.
Anyway, here’s the DPS’s report which you might enjoy on this sunny if not especially warm Friday afternoon.