UK Rents Remain Steady despite Stamp Duty Holiday

27 April 2012 Categories: News

UK Rents Remain Steady despite Stamp Duty Holiday

The latest figures from LSL, parent company to Rightmove, have shown a 0.3% drop in the average UK private rent during March – a drop that equates to £2. The averageUKrent now stands at £705 per month. It is thought that the slight drop was due to the end of the stamp duty holiday when a number of first-time buyers took the plunge by purchasing their first home.

Even with this slight drop though, the average rent is still 2.7% higher than during the same period last year, and overall it seems that private rents are remaining steady from quarter to quarter.Londonand the surrounding areas are by far still the most promising with the average rent being 4.9% up on last year.

David Newnes, spokesman for LSL commented on the figures saying; “The rental market was still feeling the knock-on effect from the stamp duty deadline in March, with an increased number of tenants rushing to leave the sector in the first part of the year, easing tenant competition. With the passing of the stamp duty deadline increasing the cost of moving, and banks’ funding conditions likely to limit high value mortgage lending to first-time buyers, would-be buyers will again be more reliant than ever on rented accommodation.”

So in short, just another blip in the figures.