London rent prices fall for the fifth successive month (From Your Local Guardian)


Rents in London have fallen for the fifth successive month, according to figures from a real estate agent.

Rents in the capital have been trending downwards since November 2016, according to the latest buy-to-let index from Your Move.

The figures released by Your Move last month show that the figures are both down on a month-by-month basis and a yearly basis, albeit only by a small percentage.

The average property in London was let for £1,273 in April 2017, 0.3 per cent lower than last month and 1.8 per cent down on the same point a year ago.

Rents in the capital have been trending downwards since November 2016, when an average of £1,295 was recorded.

This information is backed up by figures released by SpareRoom, which also showed that the average London room rents fell by 1 per cent from this time last year.

Valerie Bannister, Lettings Director from Your Move, said: “Recent years have been characterised by rapidly rising rents in London, with the capital steaming ahead of the rest of the country.

“That’s no longer the case as prices in London are trending downwards while the rest of the country slowly catches up.

“Yet falling rents in London should be seen in a wider economic context, with uncertainty caused by the snap general election and the upcoming Brexit negotiations forcing the capital’s property market to take a pause for breath.”



Source : http://www.yourlocalguardian.co.uk/news/local/topstories/15343082.London_rent_prices_fall_for_the_fifth_successive_month/?ref=rss

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