After countless years of above-inflation rent increases and, at times, a chronic shortage of good-quality, long-term expat housing options, are we finally seeing the signs of falling rents and ... wait for it ... housing choices?
If the statistics are correct, we could begin to see a reversal of power with respects to landlords and tenants. It may also be a good time to review your UK/London rental allowances, something we can always assist our clients with undertaking.
Rents are predicted to fall across the UK in the next few months, according to HomeLet, which said the decline was "unprecedented in recent times". The average rent in the UK rose by just 0.7pc in the last 12 months, falling 0.4pc on a monthly basis in January. Rental price inflation has fallen for the last seven months, and HomeLet said that at the current rate of growth, that would go into negative territory soon. Rents have been falling in London and the south-east due to the surge in properties hitting the market after landlords purchased them before April to avoid a hike in stamp duty for buy-to-let homes. Now this decline may reach the rest of the country.