London rents fall in October
London rents fell by -0.11% in October, with major falls occurring in Westminster (-1.86%), Kensington and Chelsea (-1.81%), Richmond upon Thames (-0.99%) and Camden (-0.93%).
The Landbay Rental Index found that rents in the rest of England climbed by 0.15%, though London pulled the UK average down to 0.05% in October.
UK rental growth was 0.09% in September.
John Goodall, chief execdutive and co-founder of Landbay said: “Rental growth is slowing across the UK, but the pace of change varies wildly between regions.
“Falling rents in some of the most expensive parts of the country, especially prime London locations, can distort the picture for the rest of England and the UK where rents are continuing to grow at a steady pace.
“Any moderation in rental price inflation will always be welcomed by generation rent, the swelling population of aspiring homeowners and long term tenants.
“As this month’s Autumn Statement comes over the horizon, all eyes will be on how the UK’s chronic housing shortage will be addressed. Unless supply catches up with demand, there’s nothing to suggest overall rents will go in any direction other than up.”
Over the past 12 months Luton (7.11%), Edinburgh City (5.63%) and Northamptonshire (5.59%) saw the greatest rental growth.
Aberdeen (-13.22%) and Aberdeenshire (-9.03%) saw the greatest rental falls as they were both hit by the dramatic fall in oil prices since mid-2014.
Overall, Scotland has seen rents grow by 1.55% over the past 12 months, the fastest growth of all the UK Home Nations.