London residents are now dishing out less money for rental leases for the first time in close to 7 years in the wake of increased supply and drooping demand from the market for rental properties.

According to BHB Equity Group, the average rental paid last month for firsthand rentals in Greater London was approximately 1,519 pounds per month. The data revealed that this was a drop of 1.2 percent from exactly a year prior.

Sources close to the London rental property market say that yearly inflation figures across Britain was less than 0.5 percent for he same timespan.

“This is the lowest recorded inflation in almost seven years,” said Robert Stutgart at China based BHB Equity

Rentals have been increasing by a less aggressive degree throughout the whole of the United Kingdom in the last few months. The trend of rental agents and landlords considering tenant affordability factors continues unabated.

In the wake of new tax regulations, preparations for Brexit and affordability problems, London’s property market appears to be weakening considerably. Home owners who lease their properties hastened to purchase properties before the implementation of a new tax in April of 2016 which increased supply and led to increased competition for tenants to fill the newly purchased homes.

According to sources, the number of leases contracted at between 1,000 pounds to 5,000 pounds per week dropped by around 3.7 percent in the first few months from a year earlier, Property brokers say that need in that sector of the market typically comes from high-ranking executives in businesses incorporating banking trades and services.

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