New research from HomeLet has revealed that rents in most areas of the UK have fallen and that nine in 10 landlords do not intend to raise rents during the first six months of next year.
According to the HomeLet Rental Index, rents on new tenancies remained flat or fell in 10 out of 12 regions of the UK over the three months to November 2015.
Excluding London, the average rent of a tenancy for the three months to November was £743, down 0.7% on the previous three-month period. In Greater London, the average rent was down 1% to £1,544.
Just two regions saw rents increase over the three months to November. In Yorkshire and Humberside, rents on new tenancies were up 0.8% to £626 a month, while in the East Midlands rents were 1.2% up at £635 a month.
New research from Homelet has also revealed that 91% of landlords do not plan to increase rents in the next six months. While over the next 12 months, only 34% of landlords are planning to increase the amount they charge on their properties.
Commenting on the research, Martin Totty, Barbon Insurance Group’s chief executive officer, said: “The research reveals the vast majority of landlords enjoy strong relationships with their tenants and are keen to keep them. Just 4% said they were unhappy with their current tenants, while 18% said high tenant turnover was the most stressful part of being a landlord, more than cited on any other single issue.
“Being a landlord is a long-term investment and attrition of tenants is not something landlords desire; our own clients tell us they would rather retain a good tenant over the longer period than seek additional income.”
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