Rents down for third consecutive month according to agency

Rents on renewed tenancies across Great Britain fell 1.6 per cent in May, the third consecutive monthly fall.

Data from Hamptons International suggests that London and the South East were the only regions where rents fell annually, down 4.7 per cent and 1.2 per cent year-on-year respectively.

Meanwhile outside of London – and despite the latest monthly drop – rents actually rose 0.9 per cent year-on-year.

Scotland recorded the strongest rental growth last month, up 3.6 per cent; this was followed by Wales up 3.4 per cent, and the North up 2.3 per cent.

Aneisha Beveridge, head of research at Hamptons International, says: “Despite the rise in demand from tenants looking to move home as the housing market reopened last month, income pressures continued to weigh on rental growth.

“Rents on renewed tenancies in Great Britain fell 1.6 per cent in May, however this figure masks regional variations.

“London and the South East, where incomes are most constrained, saw rents fall for the third consecutive month. However outside of the capital, rents continued to rise, which is a reversal of the trends we saw this time last year.”

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