New figures indicate that rents are seemingly slowing across Britain.
Data from the Homelet Rental Index shows that rents on new tenancies during the last three months dropped in the majority of regions. In addition, nine out of ten landlords said that they were not looking to raise rents on existing tenancies in the first half of 2016.
Rents for new tenancies either remained steady or slipped slightly in 10 out of the 12 UK regions in the three months to November, in comparison to October.
Throughout England but excluding London, the average rent for a tenancy signed in the previous three months was £743 per month, 0.7% down on the last three-month period. In Greater London, the average rent was found to be £1,544, down by 1%.
Rents slowing across Britain
Furthermore, the Index reveals that just two regions saw increases for rents on new tenancies. In Yorkshire and Humberside, rents on new tenancies were 0.8% greater than in the previous three months, averaging £626 per month. In the East Midlands, rents were up by 1.2% at £635 per month.
Just 34% of landlords plan to increase rents in the coming year.
Martin Totty, Barbon Insurance Group’s chief executive officer, said, ‘the research reveals the vast majority of landlords enjoy strong relationships with their tenants and are keen to keep them. Just 4% said they were unhappy with their current tenants, while 18% said high tenant turnover was the most stressful part of being a landlord, more than cited on any other single issue.’
‘Being a landlord is a long term investment and attrition of tenants is not something landlords desire; our own clients tell us they would rather retain a good tenant over the longer period than seek additional income,’ he added.