I received an email this morning from my letting agent telling me I'd had an offer of £395 for a flat in a block I own. This is well below the rental amount I was getting from the previous tenants of £495.
This reflects the current fall in rental amounts as recorded by the recent RICs survey.
The latest lettings survey from the Royal Institute of Chartered Surveyors states that home owners who have not been able to sell their properties are been forced to put them on the rental market, pushing up supply and pushing down rents.
This has resulted in the first fall in rental amounts since April 2003.
This will be another hit for struggling landlords on fixed rate mortgages who have been forced onto SVR's and continue to watch property prices fall.
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