Rents in London have fallen 10% in a year on year comparison from £2,378 to £2,162, Move with Us has reported.
Its statistics show four successive declines in advertised asking rents. In Q3 2012 they dropped 4.9%, Q4 2012 2.22%, Q1 2013 1.69% and Q2 2013 they have fallen a further 0.85%.
Average advertised rents in the South East rose by £30 in the second quarter of 2013 reaching £1,147 per month, the highest rate seen in the region in the last 12 months. The South East saw an average increase of 2.71% in Q2 as asking rents recovered from a slight fall in April.
In Great Britain, average asking rents remain stable at £967 per month in the second quarter of 2013. In the past 12 months they have continued to follow a consistent pattern fluctuating around the £965 mark with increases and decreases either way of no more than £4. Unchanged economic conditions have meant that advertised rents have stabilised and there is no indication of any drastic change during the second half of 2013.
Robin King, director of Move with Us, said: “It’s interesting to see that rents in London have fallen in a year on year comparison. We can see from our data that is more than just a hangover from the Olympics as the downwards trend has continued long after demand and average asking rents were artificially raised by London 2012.
“Overall however, rental demand across the country remains steady and supply is growing in line with that demand. Estate agents in our partner network have also reported that in the second quarter of 2013 they noticed less than 5% arrears as tenants are being properly referenced and tend to be less likely to fall into financial difficulties.”
