UK estate agent haart says residential rents fell by an average of 4.3% in May. haart found that typical rents including London were £919 per month. Outside London, rents rose very slightly to an average of £791. This will not be good news for our clients who purchased cheap landlord insurance with us. Last year saw some strong rises but this year has seen something of a slow down.
haart say the number of people looking to rent continues to increase and in some areas of London and the South East there are as many as seven people chasing every available property.
The Managing Director of haart residential lettings, Andrew Benn said: “After the record rises we saw in 2011, rents have been slowing down in recent months, which is good news for prospective tenants. At the same time, we are seeing long term tenancies becoming commonplace, so whilst landlords may not achieve the same rents as previously enjoyed, they are benefitting from the security and minimizing the potential for expensive voids”
With so many people finding it impossible to raise a large enough mortgage to buy a house it is not surprising that more and more tenants are opting for longer term tenancies to give them more certainty in their housing plans. The traditional six month assured shorthold is often completely unsuitable for a family who need to stay in the same area and do not want the disruption of moving house twice a year.