UK rents rise at slowest pace since 2013 as Brexit vote weighs

By Kitco News / February 04, 2018 / www.kitco.com / Article Link

LONDON, Feb 5 (Reuters) - Average rents for residential properties in Britain grew at their slowest pace since 2013 last year, a survey showed on Monday, a latest sign of how uncertainty about Brexit is weighing on the economy.

The 1.6 percent increase in rents was also the first below-inflation rise since 2013, according to the index compiled by the Deposit Protection Service which runs a deposit protection scheme for landlords and tenants.

Rents in London rose most slowly, up only 0.4 percent.

"The current slowdown in fact began in mid-2016 and is likely to be linked to the EU referendum result," Julian Foster, DPS managing director, said.

"It will be interesting to watch the index as the UK government's negotiations with the EU and other economic influences progress during 2018."

British house prices saw a similar slowdown last year when they rose at their slowest pace since 2012 across the country and fell in London for the first time since 2009, mortgage lender Nationwide said in January.

Britain's economy has held up better than most forecasts made at the time of the decision by voters to leave the EU in June 2016, but it is growing more slowly than most other big, advanced nations.


(Writing by William Schomberg; Editing by Toby Chopra)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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