Worrying news for the rental sector!
The latest Ministry of Housing report shows that almost 4,000 buy-to-let properties are being sold by landlords each month, resulting in the first recorded decline in the number of rental properties in 18 years.
Source:
A better supplied market does not seem to be the answer for forcing rental prices to go down. At least not around London.
Latest data showed that in the second quarter of 2017 the rental offer increased by 7% in the areas around London. At the same time, the average rent per month reached £790 – going up by 2.8% in comparison with the previous quarter.
Inside London, rents dropped by 0.2%, however, with an average rent at £1,934 per month.
To get a clear view of the market, go to the Victor Michael website in the ‘Letting’ section.