Rental growth remains low across Great Britain says Countrywide
The latest Countrywide Plc Monthly Letting Index – April 2017 headlines ‘More London investors buy outside the capital than ever before.’
The proportion of London investors buying outside the capital has reached 50% in 2017, the highest on record.
London investors bought over 22,000 homes outside the capital in 2016, up from 3,300 in 2010 – more than the number of homes sold in Manchester and Birmingham combined last year (21,951)
The average rent of a new let in Great Britain rose 0.5% to £936 pcm in April, £4 more than the same period last year.
Commenting, on the findings, Johnny Morris, Research Director at Countrywide, said: “In response to slower price growth and government tax hikes, London landlords are looking further than ever to find a return. Lower entry costs and higher yields outside of the capital are enticing investors to look further afield than they have previously.
“Rental growth remains low across Great Britain. Mostly driven by London where rents have fallen for the sixth consecutive month. The repercussions of the stamp duty rush are still playing out in the rental market as stock levels continue to remain high. But with fewer investors buying in the capital we will likely see stock levels fall, driving future rental growth.”
Read the Countrywide Plc Monthly Letting Index – April 2017 with tables in full click here.
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