Dip offers relief for renters

Rents on newly-let homes ‘pause for breath after five years of relentless rises’

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Average rents on newlylet homes have fallen for the first time in around five years, according to a property firm.

Across Britain, the average rent on a newly-let property fell by 0.2% year-on-year in July, marking the first annual decline since August 2020, during the height of the Covid pandemic, Hamptons said.

Despite the small decline, the average rent of £1,373 per month is around a third (34%) or £350 or higher than in August 2020, it said.

The report also said that rents are still rising in some parts of Britain, despite the overall fall, with the Midlands and South West of England leading the way for rent increases.