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Rent costs in London have fallen for the first time in nearly six years

Rent costs in London have fallen for the first time in nearly six years

Brace yourselves, London, it's finally happened. After what seems like years of endless rent hikes, the cost of renting in London has finally fallen. This is not a drill. It's gone down for the first time in almost six years. But don't crack out the champagne just yet – it's only decreased by 0.5 percent compared to July last year.

According to lettings network Countrywide, the saving translates to around £7 per month, which is about £84 per year. Sure, you'll probably squander that amount of money pretty swiftly on Ubers and booze, but at least it's headed in the right direction.

Image: Umbreen Hafeez

Want to see where you can afford to live? This map shows the cheapest and most expensive areas to rent a room in London

Remember when someone was renting out a bed in a cupboard for £500pcm?

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