Rent relief? The number of properties increases leading to slowing rent growth

 
Lian Parsons
Now may be the time to rent

This year has seen a slower pace of rental growth for the start of 2017.

For the first time since 2014, rents outside the greater London area dropped in the first quarter of the year, falling by 0.4 per cent from the previous quarter.

This has led to an annual increase of 1.8 per cent, down from 3.9 per cent recorded a year ago. Asking rents in the city rose by 1.5 per cent from last quarter, with an annual price fall of 4.2 per cent.

Falling housing prices have been a recent trend, but don’t get your hopes up too high; London is still a pricey place to rent.

The number of new rental properties on Rightmove has increased by 12 per cent from last year. This rise is due to the surge of buy-to-let purchases ahead of the additional stamp duty from this time last year.

It has also been taking an average of 10 per cent longer for letting agents to secure tenants from last year, increasing in all regions except Wales, where the time is now five per cent less.

At nearly a nearly 20 per cent increase, London has been the most affected area for the amount of time to secure a tenant.

Rightmove’s head of lettings Sam Mitchell said the increase in properties has led to more competition for letting agents to secure tenants.

“Agents’ properties need to stand out even more than before, so carefully considering how your property is presented is really important,” he added. “Now might be the right time to encourage landlords to give the place a lick of paint or some new furniture to give them the edge to help secure the right tenant.”

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