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UK rent rates stabilise in May

After nine consecutive months of decline it has been revealed that rental rates across the UK have now stabilised with May's figure showing an average of £819 a month. Even though this is still some 5.5% lower than the same time last year it does bring to an end an unprecedented fall in rental income for many landlords and "accidental landlords". So what next for the UK property market?

The problem over the last few months has been the constant flow of properties onto the rental market which has pushed rental prices lower as more and more people were unable to sell their homes outright. A decline in demand for rental properties also exacerbated the problem although there are signs of improvement in the rental market over the last few weeks. However, it is only right to point out that the buy to let sector is still under significant pressure and with more and more landlords feeling the financial pinch we could see a new barrage of properties sold out right, placing more pressure on property prices in the UK.

The buy to let sector has been something of a goldmine for many people over the last 20 years and seen significant capital appreciation as well as valuable income along the way. However, there is a general feeling that this period of growth may be coming to a sudden end.

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