Homelet data shows rental market slowing

HomeLet, which operates what it calls the largest monthly survey of private tenants in the UK, has produced a snapshot of the market showing rental growth and lettings activity beginning to slow.

It says rental price growth across the UK continued to ease in September, with twice as many regions in the UK seeing rental price falls than those recording an increase in rental prices.

Homelet's data shows a modest cooling in the rental market for the second month in a row, with regions such as Greater London, the South East, South West and East Anglia, that have recently reported large month on month price increases, moving to slower growth and a greater proportion of regions reporting negative price movement.

In September, eight regions recorded rental price falls and only four regions recorded rental price growth - in the latter category were Greater London up 0.1 per cent, the West Midlands up 1.2 per cent, the south west up 2.0 per cent and Northern Ireland up 4.2 per cent.

While the annual data still points to a rental market averaging largely positive growth, this month's data has shown the number of regions recording annual negative rental growth doubling from two to four. Scotland, Wales, the north east of England and the East Midlands now show rental prices are lower now than a year ago.