Rent falls for the first time since late 2010

Why has rent fallen?

The average monthly rent for newly let properties has fallen for the first time since late 2010, this news comes from estate agency Countrywide.

The fall has come due to a recent increase in the supply of properties, this is mainly in London.

This was because some landlords were in a hurry to buy properties last year before a three per cent stamp duty surcharge came about.

The average new tenancy in England, Scotland and Wales fell by 0.6 per cent in the year to February, to £921 a month.

Countrywide’s research director Johnny Morris, said: “Rents are growing in most of the country but falls in London and the south east are dragging down the national growth rate, “

“Early signs point towards 2017 being a rare year where rents rise faster in the north of the country than in the south,”