Average rents for new tenancies in London fell by 1.1% in December.Nick Barnes, head of Research
The latest Homelet Rental Index reports that in the three months to December 2014, average rental values for new tenancies in the UK were 7.6% higher than in the same period in the previous year.
Average rents for new tenancies in London fell by 1.1% in December to stand at £1,393 pcm but were 12% higher than in December 2013.
NB comment: the rising population in London combined with a sales market which is beyond the financial means of a large proportion of households means that tenant demand in the mainstream private lettings market is robust, resulting in continued upwards pressure on rents. The prime segment has also stabilised following a difficult period for much of last year and some submarkets are seeing a return to rental growth.