London rents are falling down says Rightmove

There’s a change in tempo across the private rented sector, says Rightmove, as rents rise in almost every area outside London. Rightmove’s quarterly index shows a new pattern, as London rents have peaked because the tenants simply cannot afford it. The Negotiator received a ‘phone call today from one frustrated home-seeker asking for advice on where she could get a ‘room’ in a shared flat in London for less than £1000 per month. Now, Rightmove’s index shows the facts behind the commentary saying that “Inner London rents fell by 5.2% while there was a smaller drop of 2.5% in Outer London.” All regions except London recorded a rise in asking rents in 2016, with prices up annually by 3.0%, just slightly lower than 2015’s rise of 3.7%. Northern regions led the way as the year ended, with Yorkshire and the Humber up 4.5% and the North West up 4.4%, overtaking the East of England that had been the best performing region until Q4. In London, more available rental stock throughout the year led to a 4.4% annual drop in prices across the capital. Buy-to-let concerns Rightmove’s Head of Lettings Sam Mitchell said, “This year will be one of caution for buy-to-let investors…