Average private rent in Great Britain falls for first time in five years

Lower mortgage rates have helped cool rental sector after years of above-inflation increases in rent, data shows

Average private rents in Great Britain have fallen for the first time in five years as lower mortgage rates helped take some of the heat out of the rental sector, data shows.

Years of above-inflation increases in rents have put the squeeze on many households but the estate agent Hamptons said the average rent on a newly let property fell by 0.2% year on year in July. It was the first annual decline since August 2020, during the height of the Covid pandemic - although this national figure masks wide regional variations.