New data has shown that the average UK rent has fallen for the first time in over seven years, mirroring a similar fall in the housing market.
The latest rental index from HomeLet revealed that the average monthly rent on a new tenancy that started in May was £901, down 0.03 per cent from £904 in 2016 - the first decline since December 2009.
More startlingly, the average new rent in London has fallen by three per cent in a year, from £1,572 a month in July 2016 to £1,502 in May 2017 - representing a rough difference of £70.