Although the pace is slowing down, the London rental market continues to decline and is in worse standing then this time last year. This uncertainty is fueled by new tax laws as well as fallout from the Brexit vote. Unfortunately, London is also setting the tone for other properties in the rest of the UK. A statistical graph is provided to see exactly which markets are effected as well as how much they are affected by this downward trend.
- While the average price for newly let properties, across the UK, grew by 1.1%, in the second month of summer, London properties, specifically, dropped a discouraging 0.6%.
- Although June witnessed the biggest drop of 2.9%, the following month marked the fourth month of consecutive rental price falls.
- Last summer, at the same time, rent prices in the capital city were lively at a growth rate of 6.6%.
“London’s stagnant property market is dragging back the UK market as a whole, according to the July rental index from rentals-insurance firm HomeLet.”
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