The UK rental market has been provided with a glimmer of hope for tenants at last! The monthly UK rental costs have dropped falling again this month – down another -0.9%.

The UK rental market has been provided with a glimmer of hope for tenants at last! The monthly UK rental costs have dropped falling again this month – down another -0.9%.

In all regions of the UK, with the exception of the East Midlands which saw a +0.3% increase, monthly rental costs have fallen. Many of which for the second consecutive month. In the capital, we’ve seen a -2.2% decline, one of the biggest drops seen in 2023 by HomeLet.

A bit of breathing space?
However, although the current downward trend in rental prices will go some way towards mitigating defaults. For the many landlords locked into the highest buy-to-let mortgage rates, this will only provide the slightest breathing space in what continues to be a tough market.