Thursday, 8 June 2017

Election and Brexit uncertainty delaying tenant moves, says Landbay

By Conor Shilling

The prospect of today's General Election as well as ongoing uncertainty surrounding Britain's exit from the European Union is having a negative effect on tenant demand.

The latest Landbay Rental Index shows that average UK rents grew by 0.02% last month - the slowest pace of growth for over five years.

Figures show that London is leading the slowdown with annual growth in the year to May coming in at -0.94%.

Landbay says that rents in the capital have now fallen for 12 consecutive months thanks to dampened demand and heightened supply.

According to the Index, London was the only UK region to see rents fall in May, but seven out of 12 regions ended the month with a slower rate of growth than seen in April.

Across the rest of the UK, growth in the year to May was 1.62%.

Last month, the best year-on-year and monthly figures were recorded in Scotland at 1.27% and 0.11% respectively.

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