Monday, March 13, 2017

Rents Falling

London Loves Business reports that the average monthly rent for newly let properties has fallen for the first time since late 2010, according to figures from Countrywide.

The fall is due to an increase in supply of properties, because some landlords were in a hurry to buy properties last year before a three per cent stamp duty surcharge came about.

The average new tenancy in England, Scotland and Wales fell by 0.6 per cent in the year to February, to £921 a month.

As ever, when the state tinkers with taxes there are consequences.

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