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TODAY'S OTHER NEWS

Seasonal slowdown hits rent levels according to new lettings index

A seasonal slowdown has hit the lettings sector with rents dipping 0.4 per cent in November to a UK monthly average of £1,290.

The new Landbay Rental Index claims the slowdown has been strongest in London where rents have dipped 0.6 per cent. 

It says London is particularly sensitive to changes in demand from tenants and often sees a seasonal slowdown as peak tenant demand over the summer eases - usually it hits the rental market earlier than November.  

However, rents continued to rise on the more representative year-on-year basis, in line with wages. UK rents climbed 2.9 per cent compared to November last year, while UK wages are rising at 3.0 per cent.

Annual increases have been fastest for one beds that are most popular with first jobbers and young professionals (up 4.0 per cent year-on-year), as well as three bed properties, which are often rented by families moving for work (up 3.6 per cent).

Rents have been on a strong upward trajectory since early 2013 and have climbed 7.0 per cent since January 2013. This is slightly ahead of wage growth (up 4.8 per cent in the same period).

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