16:43 PM, 6th June 2012, About 9 years ago
Buy to let rents slipped back 4.3% to an average £919 a month in May, according to letting agents haart.
Average rents across the country fell, but slightly increased across the UK when excluding London – by around 0.7% to an average £791.
The letting agent claims rents have declined steadily since the start of the year in the wake of record rises during 2011.
The number of prospective tenants looking to rent privately increased, with up to seven renters chasing every available property in certain parts of London and the South East.
Andrew Benn, haart Residential Lettings managing director, said: “After the record rises we saw in 2011, rents have been slowing down steadily in recent months, which is good news for prospective tenants considering renting a property in the near future.
“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.”
The report conforms other recent letting data that shows a gulf between property values and rents in London and South East and the rest of the UK.
A separate survey by online property portal PrimeLocation revealed the South East holds 30% of the UK’s total property wealth with homes are worth £1.65 trillion.
London is second valued at just over £1 trillion, while the South West completes the top three with property wealth of £488 billion.
“Property wealth per head is driven by one key factor, that is demand. Homes in and around the capital will always be sought after because of the increased population density in the South and its better employment opportunities,” said Nigel Lewis, property analyst at PrimeLocation.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleSex spy landlord secretly filmed couples in bed
Next ArticlePredictions for #Euro2012 from top sports lawyers >
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|