The Cost Of Renting In London Is Dropping For The First Time In 8 Years!

Morgan Cormack • 10 May, 2017

Let’s talk about London rent. It’s the bane of our lives, the nightmare we think about in the middle of the day, the reason why we can’t buy as many G&T’s as we really want.

But for the first time in 8 years, London rent prices are going down! The lettings insurance company, Homelet have released new figures that give us some hope for a brighter (and hopefully less expensive) future.

Homelet found that rents on new tenancies signed during April across Britain have fallen by 1.2% when compared with April last year. This happens to be the lowest figure recorded since February 2010.

We’ve all felt that annoying pain when we know 60% of our paypacket is going to have to go to our landlords. Well, research released last year proved this and stated that Londoners were having to spend nearly two thirds of their income on rent. Eek!

The London average rent price fell to £1,519, which is ever so slightly cheerier than the £1,537 Londoners were paying a year ago.

Many are saying it’s because of Brexit, whilst others are putting it down to the fact that people are moving outside of the capital. Either way, declining rent prices sounds like sweet music to our ears!

Feature Image: Flickr.

Tags: cheaper, expensive, finance, Great Britain, homelet, house prices, money, property, rent