New figures from the Homelet Rental Index show that rents on new tenancies have experienced a slight decline in 10 out of 12 regions in the UK in the three months up to November. Excluding London, rents fell nationwide by an average of 0.7%.
Only two regions experienced growth: Yorkshire and the Humber (0.8%) and the East Midlands (1.2%).
These statistics were published alongside comprehensive new research from Homelet’s parent company, Barbon Insurance Group, examining landlords’ views about the rental market and their expectations for 2016. Although most landlords will have either seen flat or declining rents over the last three months, 91% of respondents said they did not expect to raise rents in the first six months of the new year.
Just 4% of landlords are unhappy with their current tenants. For nearly a fifth (18%) of landlords, high tenant turnover is the most stressful part of the job â€“ this was the most cited single issue.
The research suggests that most landlords would rather keep hold of a good tenant over a long period of time rather than risk unnecessary void periods by attempting to maximise profits.