The quiet turn in rents: new tenancies are closing below the renewals
In the three biggest cities the gap between a renewal and a first signing is closing.
The same scene has been repeating in agency ledgers for months: two flats in the same block, one renewed for a tenant of two years, the other let to somebody new — and the second one now closes lower.
A year ago it was the other way round. The number of listings sitting unlet has grown, and bargaining power has moved to the other side of the table.
Analysts agree on one point only: the effect will show up late. On everything else they split.
How the gap closed
For a household budget the difference is not in the percentages, it is in which week the payment falls.
Trade bodies say they expect a change in the rules. There is no draft to hang that expectation on yet.
What it means if you are looking
Figures on their own can mislead. The same data tells two different stories depending on which month you compare it with.
It is too early to call this falling rents. But for the first time in a long while the landlord does not pull the listing after two days, and the person looking has time to go and see the second flat.
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Fresh produce is down on seasonal grounds; cleaning products and paper goods are flat.
The new headache for small shops: the card fee lands before the takings do
As cash use falls, the cost of card acceptance eats straight into the margin.
Used cars are sitting longer: adverts now stay up for 41 days on average
Buyers have not gone away, they have got fussy. Without a history check the car does not move.