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Consumers find solace in falling rent

Consumers find solace in falling rent

Category: Money

Updated: 27/02/2009
First Published: 27/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The cost of renting is falling because homeowners are choosing to let their properties rather than sell them, according to a survey.

This is swelling the rental market, which means that consumers are being offered a greater range of properties to choose from at highly competitive prices, says research conducted by property website Globrix.

A further study conducted by Findaproperty.com has found that landlords are including extra features, such as satellite television and cleaners, to make properties more appealing in locations where there are oversupplies of new-build apartments and houses.

Figures show that average rental prices have dropped to £830 in February, down 4.8% in the last 12 months. In addition, the average time that property stays on the market has risen to 70 days, an increase of 15 days last year. More evidence, if it were needed, that the power in the rental market currently lies with tenants.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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