The Impossible Is Happening: Rent Prices Are Set To Finally Drop This Year

What's going on?

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Sound the klaxons, gather the villagers, let the news ring out clear and true, because - brace yourself - the cost of renting in the UK is actually set to fall this year. The first time since 2010.

As reported in The Telegraph, the average rent in the UK rose by just 0.7 per cent in the last 12 months, while it actually fell 0.4 per cent in January. Fell!

On top of this (mildly) good news, inflation has fallen for the last seven months; a trend that, according to property experts HomeLet, looks set to continue.

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Rents have been falling in London and the south-east due to properties hitting the market after landlords purchased them before April in order to avoid a hike in stamp duty for buy-to-let houses, which could mean good news for renters.

Speaking to The Telegraph, Martin Totty, chief executive of HomeLet, said: "Our data has been showing, for some time, that landlords do not feel able to raise rents on new tenancies at anything like the pace seen during 2015 and the first half of 2016.

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"Now it is even possible that rents will begin falling, which would be unprecedented in recent times."

If you're looking to see the average cost of renting in London, then Thrillist recently made this handy map that shows how much it typically costs to rent a one-bed flat near every tube station in the capital.

It's still enough to make you weep, but at least it's getting better... right?