Data from rental insurance firm HomeLet suggests that the Tenant Fees Act may already be causing more movement amongst tenants.
The firm says that the average duration of a tenancy has reduced to 30.7 months, from 32.1 months in May.
HomeLet chief executive Martin Totty notes: “Whilst this isn’t a significant reduction, the drop does coincide with the introduction of the Tenants Fee Act in England and could be a very early indication of more mobility amongst tenants. It will be interesting to observe what prices do throughout the whole country in the coming months.”
The firm’s latest rental snapshot at the end of June suggests that average rent in the UK is now £941, up by 1.8 per cent on the same time last year.
The region with the largest year-on-year increase is Northern Ireland, showing a 4.7 per cent increase on the same time last year.
Average rents in London are now £1,611, up by 0.9 per cent on last year; meanwhile all 12 of the regions monitored by HomeLet showed an increase in rental values between June 2018 and June 2019.
Martin Totty adds: “Since the beginning of the year we have observed a gradual decline in the year-on-year variations in London rents, which reflects what is also being observed in the London housing market thus far in 2019.
“What is most striking about the latest data is the consistency of rental prices we are seeing across the whole UK, with all regions recording a continued year-on-year increase. This is a continuation of the theme we’ve been seeing since mid-2017 as rents have continued to edge up.”