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Rate of rental growth drops in May - but is expected to soar again

Although things may be set to change now a Brexit is on its way, currently the annual rate of rental growth in the UK dropped between April and May - however it has still increased on this time last year.

The rate of rental growth was at 2.6% in April (compared to April 2015), whilst it slowed to 2.5% in May (compared to May 2015), according to data from the Office of National Statistics.

It is expected that with the fluctuations in house prices caused by a Brexit vote, the rental market will soar in the coming months, as more and more people steer away from the uncertainties of property purchase and instead turn to the private rental market to fit their housing needs.

As the property market settles, it is likely that we will see further growth in the rental rate, especially in the London market, which also experienced a slight drop between April and May, with figures slumping from 3.7% to 3.3% respectively.

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