Why so shy to welcome falling rents?

Over six years of unbroken monthly rises in the average rent Londoners pay ended today. Where are the celebrations?

London is widely acknowledged to be in a housing crisis. We’re told so virtually every day.

So when we get conclusive proof that London’s housebuilders and landlords have managed to finally subdue the capital’s skyrocketing rents, you’d imagine there’d be more noise.

Property industry surveys have been telling us for some time that rental growth has gone into reverse, but the last holdout was the Office for National Statistics.

The ONS’ Index of Private Housing Rental Prices, which takes a wider view than just new tenancies, has decreased for the first month since mid-2010.

By rights politicians, builders, bankers, economists and landlords should be cheering this state of affairs.

Why the deathly silence? Aren’t they trying to solve the housing crisis? Don’t they want the cost of living to be cheaper for everyone?

Source: Lichfields using ONS data

It’s a respite after a six-year, 22% rise to insanely expensive levels. It’s hardly a bloody death knell for the housing market. It’s a tiny drop.

But if politicians want people to believe they actually care about the cost of housing, then show some satisfaction.

Come out and say it: “This is great! We’d like to go further.”

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