7 Jun

Residential rents fall by 4.3% in May, data shows

Residential rents fall by 4.3% in May, data shows

The average residential rent in the UK fell by 4.3 per cent in May when compared to the previous month, according to new figures.

Data from haart showed that the typical amount payable each month stood at £919-a-month, including  properties in London.

A rise was seen for residential rates outside of the capital (0.7 per cent), with rents costing £791 over the same period.

Andrew Benn, managing director of haart residential lettings, said that after record rises in 2011, rents have been slowing down steadily over the past few months.

This is good for prospective tenants who are considering renting in the near future, he added.

"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."

However, these figures contradicted those from RICS last month, which showed that rents rose in the three months to April, as new demand from tenants drove prices higher.ADNFCR-1222-ID-801379302-ADNFCR

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