Rent Falls in May were just a Blip says Top Estate Agent

12 June 2012 Categories: News

Rent Falls in May were just a Blip says Top Estate Agent

The average rent for a residential property in the UK fell by 4.3% in May according to top estate agent, haart, and now stands at £919 per month. This figure includes rental properties in the capital city however, and if London is excluded from the data the average rent actually increased during May by 0.7% to £791.

The figures released by haart have been termed a blip by the estate agent, and are therefore nothing for landlords and buy to let investors to worry about. Managing director of haart residential lettings, Andrew Benn, explained that the May falls were to be expected somewhat following the record increases that were experienced over the course of 2011, and that without London’s statistics the average UK rent is actually still rising.

“After the record rises we saw in 2011, rents have been slowing down steadily in recent months. At the same time, we are seeing long-term tenancies becoming commonplace, so whilst landlords may not achieve the same rents as previously enjoyed, they are benefitting from the security of tenure and with it minimising the potential for expensive void periods,” said Mr Benn.

Even with this blip however buy to let mortgage providers are still focused on boosting the market with the Co-op, Skipton Building Society and The Mortgage Works all launching new product ranges over the last month.