UK rents fall for the first time in ten years

Rents across the UK fell in 2018 for the first time in ten years revealed new data from the Deposit Protection Scheme.

The new figures reveal that the average rent fell by £9 (1.17%) from £774 the year before to £765 in 2018, providing a relief for citizens who have seen the price of their homes rise and using up almost half of their monthly wages.

The Deposit Protection Scheme data on Wednesday revealed that the average UK tenant would spend 31% of their income on rent in 2018, down from 31.5% in 2017.

The biggest fall was recorded in Yorkshire and the Humber region, where rent dropped by an average of £21 (3.63%) to £546.

Julian Foster of Computershare Investor Services, creator of the report for the DPS, said: “This first drop in average annual rents for almost 10 years is good news for UK renters, especially if wages continue to climb in 2019.”

Rent campaigners said the data should give tenants confidence in negotiating with their landlord.

Data released a day earlier by the HMRC revealed that the house market had stayed robust last year with the number of properties sold only slightly lower than previous years.