The yearly cost of renting in London has fallen for the first time in eight years, Homelet’s April Rental Index has revealed.
In the year to April rents fell by 1.2%, the first fall since December 2009.
For the whole of the UK rents rose by a modest 0.4%, with Wales (2.3%), the North East (2.2%) and Scotland (2.2%) seeing the biggest rises.
Martin Totty, chief executive of HomeLet, said: “Rents have been rising at a more modest pace across the whole of the UK in recent months, with lower levels of rental price inflation and even falling rents in areas of the country where prices were previously rising most quickly.
“We continue to see landlords’ and letting agents weighing tenant affordability considerations very seriously.”