Renting a home in England and in Wales has now gone down for another month this December, according to LSL Property Services. The average rent is now down by 0.8 percent compared to £711 per month during November. However, rental prices are higher by 4 percent compared to December 2010.
One of the main reasons for this is having more people prioritize their Christmas expenses and became behind on their rental payments. LSL noted that there were about 10.7 percent of the rent paid in December was marked late or unpaid, which is higher than the recorded 9.3 percent in November.
According to David Newnes who is the director of LSL, “The rental market was sheltered from the full impact of the seasonal lull by the strength of underlying tenant demand as many prospective renters took the opportunity to move in the run-up to Christmas at a time when the market is traditionally less competitive.”
House rents all of the regions declined, except in Yorkshire, Humber, West Midlands, and East Midlands.
It was the first time within the last year that rents have declined in London.
According to the Association of Residential Letting Agents, landlords are on the receiving end of these challenges when it comes to house rents.
According to Tim Hyatt who is the president of the Association of Residential Letting Agents, “It is more critical than ever to take references and conduct thorough research before signing a tenancy agreement. Seeking advice from a professional, licensed letting agent is the best way to ensure tenants and landlords’ rights are protected.”
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