Yes, you read that correctly: London’s rental prices are falling. Only ever so slightly so far, but it’s nothing to be sniffed at right?
For the first time since 2009, property prices have fallen by 1.2 percent compared to 12 months before, with average rent falling from £1,519 to £1,537, according to tenant referencing company, Homelet.
Dan Wilson Craw, director of Generation Rent, the campaign group for private renters told The Guardian that we can thank an influx of new builds for the drop. ‘Lots of residential property built over the past few years is now coming on to the market and that increase in supply is rippling through the market,’ he said.
Naturally, London rent is still sky-high compared to the rest of the country, now at an average of £904 per month.
Londoners were found to spend two-thirds of the average London income on rent, so this price drop is great news for those searching for a new pad, or as ammunition to negotiate with your existing landlord.
Image: Joris Vanbillemont
Want more property news? Three-quarters of London homes are inadequate, apparently.