Property News. From Moving In.

Rents fall and void periods lengthen as supply starts to exceed demand.

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Original Source: Letting Agent Today.

Original Aurthor: Graham Norwood.

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Rents outside of London have dropped by 2.0 per cent in the third quarter of this year arrcording to new data from Rightmove.

This sharply bucksthe traditional autumn trend and is fuelled by a particular fall in south east England of 2.3 per cent on the previos quarter. This is due to what Rightmove calls "steadily increasing supply since last year's second home stamp duty change."

London asking rents are at their lowest at this time of year since 2013, although a drop in supply and increased demand could mean rental prices will start to rise again soon, the portal suggests.

Properties are taking eight per cent longer to find a tenants outside of London and five per cent longer in London than this time last year.

"Since last April's second home stamp duty changes came in the supply of new rental properties in the south east has been steadily increasing, up 5.5% on this time last year" says Rightmove's head of letting Sam Mitchell.

" Agents are reporting that some investors are looking for better yields are shifting their focus from London to instead buy in the surrounding countries of Surrey, Berkshire and Buckinghamshire. The increase in stock in the south east has led to softening in rents in some areas where there in less competition among tenants, but they are holding up in key commuter areas where tenant demand is strong" he continues.

Asking rents in London have continued their downward trend this month, and are now at thier lowest at this time of year since 2013, at an average of £1,920.

https://www.lettingagenttoday.co.uk/breaking-news/2017/10/rents-fall-and-void-periods-lengthen-as-supply-starts-to-exceed-demand

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