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Rents fall for first time in at least 10 years

PostPosted: Mon Feb 11, 2019 3:54 pm
by Dolphin
In 2018 Britain's landlords collected £1.9billion less in rent than the year before, new figures show.

It's the first time Hamptons International has ever recorded a drop in the amount tenants are handing over to private landlords.

The estate agent, which has been running the annual report since 2008, found drops in the total amount paid in almost every region of the country.

But it wasn't quite all good news.

Aneisha Beveridge, head of research at Hamptons International, said: "Rents are now gradually starting to rise again in the capital."

The fall in 2018 was mainly been driven by London, where the amount tenants paid dropped with £620 million compared with 2017.

However, the East Midlands and the North East of England saw increases in the total amount of rent paid.

Everywhere else saw a fall.

Over the longer term the position was less positive. Compared with 2008, the rental bill is up in every region.

The biggest rise in the amount of rent paid by tenants was in London, where the total rental bill grew by £10.53 billion over the 10-year period.

Despite the year-on-year fall, over the past 10 years the total rent bill has increased by £29.9 billion - as the number of households privately renting has grown.

Last year private tenants paid an estimated £59.1 billion in rent overall.

Wales has seen the smallest rise in the total amount of rent paid by tenants over the last decade, up by £70 million.

In Scotland, the total rental bill has increased by £1.31 billion over the past decade.

source Mirror