Average residential rents fall by 4% in May

Average residential rents fell by 4.3% around the UK last month according to new figures from haart.

Data from the UK independent estate agent show that typical residential rents (including London) stood at £919 a month for May, down some 4.3% on April.

However, residential rents outside of London rose, albeit only by 0.7%, to £791 over the same period. Rents on the whole have been slowing down steadily since the start of the year in the wake of record rises during 2011.

The number of new applicants looking to rent with haart continues to increase with as many as seven people chasing every available property in certain parts of London and the South East.

haart is one of the country’s fastest growing letting agencies with over 50 branches nationwide. The company has invested close to £1m in the last year alone launching new branches, recruiting in the region of 50 new staff in the process. It opened its latest branch in Ashford in mid-May.

Says Andrew Benn, Managing Director of haart Residential Lettings: “After the record rises we saw in 2011, rents have been slowing down steadily in recent months, which is good news for prospective tenants considering renting a property in the near future.

“At the same time, we are seeing long-term tenancies becoming commonplace, so whilst landlords may not achieve the same rents as previously enjoyed, they are benefitting from  the security of tenure and with it minimising the potential for expensive void periods.”