London rents go down for the fourth consecutive month

London's dwelling prices in July are down for the fourth consecutive month, prolonging the first period of decline since 2009 after Britain's outflow from the European Union rocked the real estate market in the British capital, Bloomberg said. The average monthly rent For newcomer homes in London in July was 1564 pounds (2039 dollars), which is 0.6% less on an annual basis, according to a message from HomeLet - the UK's largest recommendation and property insurance firm Rent.

Rents in the UK, however, have generally risen 1.1%, driven by growth in Northern Ireland and Scotland.

The housing market in London is weakening as Brexit's uncertainty strengthens supply and new taxes. The capital is currently acting as a "brake" on the British market as a whole, said HomeLet. Landlords were in a hurry to buy housing before the introduction of the new stamp duty in April last year, which increased supply and led to greater competition for tenants. Although the pace of decline in London has slowed down, "the capital market's rental market still seems to have changed compared to the same period last year when rents rose at a rate of 6.6%," HomeLet says. Housing prices in the capital are rising at the slowest annual rate of five years, according to Acadata consultancy.