Rents have fallen in the UK for the first time in nearly eight years, according to new research.

The latest data from insurance agency HomeLet suggests that the average UK rent on a new tenancy starting last month was £901, which is 0.3 per cent lower than in May 2016.

It is the first time since December 2009 that the HomeLet Rental Index has reported an overall fall in UK rents on a year-on-year basis.

However, average rents in the South West went up from £787 in May last year to £803 last month, an annual increase of 2.1 per cent.

HomeLet chief executive Martin Totty said: "May 2017 saw average rents nationally fall for the first time in eight years when the economy had suffered the shock of the financial crisis.

"HomeLet rental data suggests landlords are now facing a difficult balancing act between ensuring rents are affordable for tenants in a low real wage growth environment whilst covering their own rising costs.

"Tenants will still need a vibrant and growing rented sector to provide them with property options at the time of their choosing.

"Any constraint to the supply of rental properties, because landlords are unable to achieve the reasonable returns they require, cannot be in the long term best interests of tenants, especially if, as we've now heard from all the main political parties, the UK's population continues to grow."

What do you think? Email mark@moosemarketingandpr.co.uk 

Picture credit: pixabay