Economic news

Average UK rents show first fall in 8 years

The average cost of renting in Britain has dropped for the first time since 2009, with London showing the biggest fall, according to figures from HomeLet.

Rents across the UK in May was down 0.3 percent from a year earlier, at £901. The new rent in London housing market has dropped by 3% in annual terms, from £1,572 a month in July 2016 to £1,502 in May.

Some experts have suggested that tenant demand has been declining, particularly in London, amid Britain's departure from the EU.

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