A UK newspaper recently reported that rental rates in the UK went down in November for the first time in five years. The rate went down mostly in London, which saw a decrease of .83%. In contrast, rents across the UK went up by 1.27%. The net was a decrease of .01%. The article reported that the average rent for a flat was 1196 pounds a month. The article warns that rising interest rates will soon cause rents to once again go up – especially in commuter areas in the eastern part of the UK.
Key Takeaways:
- Rents in the UK have fallen for the first time in a very long time.
- London rent is still expensive even with the rent drop across the UK.
- Commuter spots are the most wanted living spots for the person living in the UK.
“Without a radical house building plan for purchase as well as purpose-built rental properties, rental prices are in danger of soaring over the coming decades.”