London rents are heading downwards (part 2)

A quick one on today’s RICS figures, which reinforce evidence of a gathering decline in rents in London.

The chart scores the percentage of surveyors who believe rents will go up over the next three months minus the percentage who believe they will go down.

The reading for July 2016 is roughly minus 13, indicating a small majority expect rents to go down. Over the past two years, which have seen strong rental value growth, the reading has been negative in only two other months.

The numbers are backed up by some anecdotal evidence gathered as part of the same survey. Comments indicate rents are holding up in some areas but not in others, especially central London: