The cost of renting a property in London has fallen year-on-year for the first time since the most recent recession.

According to the HomeLet Rental Index , rent prices for new tenancies in the capital fell by 1.2% between April 2016 and April 2017, the first time prices have fallen since December 2009.

And, between March 2017 and April 2017, average rents in London fell by 1.7% from £1,546 to £1,519.

The average rent in April 2016 stood at £1,537. The only other area of the country to experience negative inflation was the south east, where prices fell by an average of 0.4%.

Across the UK as a whole rental prices rose by 0.4%, showing the lowest inflation level since February 2010.

The average UK rent is now £904 a month. If Greater London was removed from the calculations, the average would fall to £754.

HomeLet chief executive officer Martin Totty said: “Rents have been rising at a more modest pace across the whole of the UK in recent months, with lower levels of rental price inflation and even falling rents in areas of the country where prices were previously rising most quickly.

“We continue to see landlords and lettings agents weighing tenant affordability considerations very seriously."

The areas of the country to see the highest annual increase in the cost of new tenancies were Wales, Scotland and the North East.

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