For the first time in almost six years, rents in London have decreased as real estate expert Nick Millican explains. He says that the rate at which the whole prices have been rising has also slowed across the U.K., according to a recent index report. The declines may seem small -– average monthly rents are £7 cheaper than at this time one year ago. 

However, it’s the first time since 2010 that a year-on-year fall in process has occurred as the Home & Property Housing Index reveals.  Even so, noted real estate expert Nick Millican reminds us that back in 2010, the average rental price was £923. Today it stands at £1,280.

Rental costs rose across the nation by 1.5% year-to-year. That’s the lowest rate of growth since 2012. The average rent in the greater U.K. market was £951. Nick Millican points out that the housing market experienced a rush of landlords moving to aggressively purchase buy-to-let properties to get ahead of a 3% point stamp duty hike. 

The latter came into force on April 1. The result is that a lot of these homes are now listed on the rental market. Nick Millican comments that that gives tenants more choice and eases the rising trend for rent prices.

Nick Millican said the increase in the number of homes available has meant fewer deals agreed upon above rental price demands. For example, in July 2015, 16% of tenants paid more than the asking rent to secure a home. That figure was compared to 7% in July 2016. Millican said that rental prices may have slowed, but current market dynamics most likely will increase growth in the rental sector.