A fifth of outer London landlords forced to cut rents

Keys, buy to let, keyNearly a fifth of outer London Landlords have cut rent in the past year, a study by the National Landlords Association has found.

The NLA research shows that while 16 per cent of outer London lenders have reduced rent, 23 per cent have been able to increase the amount they charge to tenants.

However, the proportion of landlords raising rent in outer London is the second lowest in the UK after the North East, where only 18 per cent were able to boost their earnings.

In central London,14 per cent of landlords have decreased rents over the same time period.

Meanwhile the South West had the highest proportion of landlords who were able to increase their rents, at 42 per cent.

The news comes as the ONS’ private rental price index, which tracks the growth of rent prices in the UK, continues to slow, mainly due to a cooling in the London market.

NLA chief executive Richard Lambert says: “These findings do not mean London is suddenly going to become more affordable for renters, but it seems to confirm that the trend of a softening of tenant demand in the capital is well-established.

“Both landlords and tenants are continuing to look outside of the capital to other centres and areas commutable to London which, if anything, will only serve to push up prices in those regions.”

More news and analysis on London house prices.

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