The cost of renting a home in London fell for the fourth month in a row, continuing the first period of decline since 2009 as Britain’s exit from the European Union rattles the U.K. capital’s real-estate market.
London’s housing market is weakening as uncertainty surrounding Brexit adds to affordability issues and new taxes, and the capital is now acting as a “brake” on the overall U.K. market, HomeLet said. Landlords rushed to buy homes before the introduction of a new stamp-duty sales tax in April of last year, boosting supply and leading to greater competition for tenants.