UK rents fall for the first time in eight years – here’s how you can use it to haggle with your landlord
London has seen the biggest decline over the past year, with average rents falling from £1,572 a month in July 2016 to £1,502 in May 2017
AVERAGE UK rents have fallen for the first time in almost eight years, according to new data.
The average monthly rent across the UK on a new tenancy that started in May was £901 - 0.3 per cent lower than in May 2016, when the figure was £904.
This is the first time since December 2009 that rents have fallen on an annualised basis, according to the latest HomeLet rental index.
London has seen the biggest decline over the past year, with average rents falling from £1,572 a month in July 2016 to £1,502 in May 2017 - £70 a month less.
As well as falling rents in the capital, four other regions of the UK saw rents on new tenancies decline last month.
The north-east of England, the south-east, Yorkshire & Humberside, and Scotland registered falls ranging from 2.3 per cent to 0.6 per cent.
MOST READ IN MONEY
The slowdown in the rental sector mirrors a similar picture elsewhere in the housing market, with Nationwide Building Society revealing last week that house prices had fallen in each of the past three months.
HomeLet’s CEO Martin Totty said: “May 2017 saw average rents nationally fall for the first time in eight years when the economy had suffered the shock of the financial crisis.
"HomeLet rental data suggests landlords are now facing a difficult balancing act between ensuring rents are affordable for tenants in a low real wage growth environment whilst covering their own rising costs."
How to haggle with your landlord over rent increases
There are a couple of scenarios where you could try to haggle your rent down – before you move in and when you re-sign a contract.
If you want to haggle before you move in, you’ll find it much easier if you’ve got references from previous landlords.
On a basic level, having all your paperwork and finances sorted out in advance will make it far simpler.
If you can show you’ve done a bit of research on typical rents for similar properties it’ll also help, especially as rents are starting to cool down.
Haggling top tips
- GET your paperwork and finances sorted in advance so you know what you can afford to pay and what you can’t
- Do a bit of research into comparable rents so that you have some leverage when it comes to haggling with your landlord
- If your landlord wants to put the rent up ask if you can have a conversation about improvements to the property
- If your landlord is unwilling to keep the rent the same, ask if they can meet you half way, or knock just a bit off each month
- Landlords fear bad tenants just as much as tenants fear bad landlords. Being a reliable tenant is a valuable asset.
If you’re already living in a property and are about to sign a new contract it gives you an opportunity to discuss things, especially if your landlord wants to increase the rent.
If you’ve been a good tenant then this is of real value to your landlord. If you leave they’ll have to find new tenants, which costs money and comes with the risk they won’t be as reliable as you are.
Your other option is to use this as a chance to bring up anything that needs updating in the property. If there’s furniture that’s seen better days, or if one or more of the rooms needs a lick of paint, you can ask for that to be a condition of the rent going up.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516