London property rents fell for the first time in six years in July, a major U.K. estate agency said on Monday, with landlords opting to rent out rather than sell houses in the wake of the U.K.'s vote to leave the European Union (EU).
Rents in the capital city fell by 0.5 percent over the last 12 months to average £7 ($9) less per month than in 2015, Countrywide said. This was the first time monthly rents in London had fallen year-on-year since November 2010, when the U.K. was recovering from recession.
Across Britain, rents rose by 1.5 percent year-on-year in July, which was the slowest rate since 2012.
"The large rise in numbers of homes available to rent has certainly slowed rental growth, even with tenant numbers increasing," Johnny Morris, director of research at Countrywide, said in a statement on the estate agency's website on Monday.
"Stock levels were already running higher than usual due to investors bringing forward purchases in the rush to beat the stamp duty (tax) deadline in April. Added to that, uncertainty in the sales market in the run up to, and after the EU referendum, has caused more discretionary sellers to turn to the rental market."