Asking rents stabilise after nine-months' decline, reveals FaP
The average UK asking rent stabilised at £819 per month in May, according to FindaProperty.com.
The portal's Rental Index for May, published today, shows that it is the first time that asking rents have not shown a month-on-month price decline since August.
The volume of supply of rental property has also stabilised, with the number of properties available to rent up by 2.7% on April. This compares to the 1.2% monthly decline seen in April and the 14.5% decline seen in the same period in 2008.
Nevertheless, the volume of supply is up 118.7% year-on-year, which has led to properties being on the market for an average 65 days - 16 days more than in May 2008.
The supply of houses fell for the third consecutive month, down 1.2% from April, while the supply of flats increased 4.9%.
In terms of return on investment, rental yields are at 4.74%, with landlords in Barking and Dagenham enjoying a slightly higher return of 6.44%.