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London rent growth slowing, reports HomeLet

Rent prices for new tenancies in Greater London are rising at the slowest rate since March 2014, according to the latest HomeLet Rental Index.

The January Index has revealed that Greater London rent prices are 6.2% higher for the three months to January 2016 compared to the same period in 2015.

Whilst the growth in rent prices may have slowed, monthly rents on new tenancies are still more than twice the average for the rest of the UK.

The Index has also revealed that the majority of locations; 11 out of 12 UK regions, have witnessed rent growth in the three months to January 2016, compared to the same period last year. 

The South East of England and the East Midlands have seen the largest growth; 7.2% and 6.8% respectively. The North West of England was the only area to witness a decrease in rent price, with prices dipping 3.4% to £624pcm.

Martin Totty, Barbon Insurance Group’s Chief Executive Officer, commented: “There has been a further fall in the rate at which average rents in the Greater London area are rising. In recent years, the capital has seen much faster rates of increase than the rest of the country, but it may be that an affordability ceiling has now been reached in London and that rents will now track other parts of the UK more closely.” 

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