Drop in the cost of renting a home

Industry officials have recently released a report showing that due to the influx of private rental properties coming onto the UK market, the cost of renting a home has actually been falling in the UK. The influx of properties onto the market comes about as an increasing number of people have either failed to sell their homes or have decided against selling until house prices go back up again.

One industry expert stated recently: “Tenants are becoming more demanding as the market swings in their favour and landlords are now less likely to receive the uplift in rents at renewal that they might previously have achieved. Despite falling rents and increased competition, we do not expect investors to abandon the market.”

Another said that many homeowners had been deciding to put their properties up for rent recently, and this had caused the surge in rental property numbers on the market. He said: “Many homeowners, worried about losing their jobs and struggling with debts accrued during the good years, are renting their properties and downsizing or moving to less expensive areas to hedge their bets.”

According to one lettings official: “The rental market is a localised beast and it’s important to understand that in some areas rents will have fallen by less, by more or even not at all.”