Rents took a small fall in March, according to letting agents

April 20, 2012

CIA Let Property Blog

They only went back slightly but in march private rents in England and Wales fell, according to the letting agency group LSL.

The drop was only 0.3%, just £2 making the average rental price £705 per month.

The LSL group commented on the fall but said it may be a one-off. The drop may have something to do with first time buyers making the most of the stamp duty deduction and moving out before it came back.

The price of renting privately is more costly than last year, they are up by 2.7%.

“The rental market was still feeling the knock-on effect from the stamp duty deadline in March, with an increased number of tenants rushing to leave the sector in the first part of the year, easing tenant competition,” said David Newnes of LSL.

“With the passing of the stamp duty deadline increasing the cost of moving, and banks’ funding conditions likely to limit high value mortgage lending to first-time buyers, would-be buyers will be more reliant than ever on rented accommodation.”*

 

*Quote from BBC News

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