Property glut in south-east England causes UK rents to fall
Property portal, Rightmove, reports that rents in Britain dropped in the final summer months for the first time since they started tracking them in late 2011.
The decline comes as landlords acquire properties in the south-east of England, outside of the capital, resulting in a glut of available rental properties. Rents in the region have fallen by 2.3% in the three months to September whereas rents in every other region, bar Greater London and Yorkshire and the Humber have risen.
According to official figures the number of households living in private rented accommodation in the UK has risen sharply over the past 20 years. At the end of 2016, 65% of UK households were owner-occupiers, 17% were renting from a private landlord and 18% lived in social housing.
Full story available from The Guardian: https://www.theguardian.com/business/2017/oct/09/uk-rents-fall-amid-property-glut-in-south-east-england