UK rents on new tenancies fell by 0.3% in June 2017 compared to the same month a year ago, HomeLet’s Rental Index has found.
Rental price inflation peaked at 4.7% last year and has since slowed to a halt. Martin Totty, HomeLet’s chief executive officer, said: “We’ve seen progressively more modest rent increases and, over the past two months, falls in some areas of the country; June’s figures are the first indication that this trend may now be beginning to flatten out.
“But it’s too early to say this with any certainty – the next few months of data from the HomeLet Rental Index will provide crucial intelligence on the direction the market is taking.”
In London the cost of new renting has declined by 2.6%, contrasting with the same period last year when rental price inflation hit 7.1% in the city.