Annual rents across the UK are falling after years of consistent increases. For the first time in six years, rents this year will fall and provide relief for millions who rent property and call those residences “home.” According to Countrywide, rents this year will be lower because of several reasons. Tenant demand has been dropping for some time now and London has been more of an example of this than any.

Just last month, the average rent across the country was slightly more than £920 per month which is £5 less than the same time last year. Rents in the capital city of London are lower and falling faster than anywhere else, down more than 4%. Currently, they sit at the average price of £1,246 per month. This is more than £60 less per month compared with the same time last year.

Johnny Morris, research director at Countrywide, commented on the latest release of data regarding rents in the UK, saying: “Economic and housing sentiment – both in sales and rental markets – has been affected by our vote to leave the EU, in London more than anywhere else. This uncertainty causes tenants to be more cautious, meaning less likely to move and more likely to look for cheaper accommodation, eg, sharing. With the private rented sector home to around three-quarters of new migrants, any future substantial shift in migration patterns would likely have a knock-on effect on rents.”

Although income has been steadily rising, albeit slowly, since the economic crisis, Britain’s average rent is still £112 higher than in 2007 when rents were at their highest level.