Cities to have seen the largest referendum rental hikes for Brexit buy-to-let

June 3, 2019

Leading lettings compliance specialists, VeriSmart, has looked at rental price growth across each region of England, 15 major cities and each London borough since the Brexit vote.

There has been much talk about the impact of Brexit on the national housing market and how buyer demand, transactions and price growth have all slumped since the vote, but with no end in sight, how has the rental market reacted?

Using data from Gov.uk’s private rental market statistics, VeriSmart looked at the average rental price across a number of UK cities and how it has changed since the EU Referendum in 2016.

By region 

Since the Brexit vote, the East of England has seen the largest spike in rents, up 9.3%, with the East Midlands also seeing growth hit 9%.

The South West (8.9%), North East (6.7%) and the North West (6.7%) have also seen some of the largest regional rental price growth.

London is the only region of England to see rental prices fall, down -2.8%.  

By city

Where individual cities are concerned, Nottingham is home to the highest rental hike since the vote, with rental costs in the city soaring 24.5% since June 2016.

Manchester (18.9%), Newcastle (17.7%), Oxford (16.3%), Bournemouth (14.9%), Leeds (13.6%), Leicester (13.4%) and Bristol (12.6%) have also hit double figures.

London Borough

With London seeing rents drop as a whole since the referendum, Havering is the only borough to see a double-digit uplift, with a 10.5% increase since the vote.

Barking and Dagenham has seen rents increase 8.6%, while Enfield, Newham, Southwark, Hammersmith and Fulham, Waltham Forest, Redbridge and Ealing have also seen rental growth surpass 5%.

Founder of VeriSmart, Jonathan Senior, commented:

“While Brexit has brought subdued buyer demand, a fall in transactions and a top line slow in the rate of price growth, there are a number of areas in the rental market that have seen accelerated rental growth since the vote.

Although it is predicted that there will be a mass migration of EU nationals from the UK in the wake of our European exit, high house prices, low stock levels and a fairly stagnant level of wage growth means that even on a domestic level we are very reliant on the rental market to put a roof over our heads.

As a result, and even with the wider landscape considered, there are still plenty of opportunities out there for those looking to invest in bricks and mortar.”

By Region
 
Region
Change (%)
Av Rent Before EU Ref
Av Rent Now
East
9.3%
£786
£859
East Midlands
9.0%
£565
£616
South West
8.9%
£731
£796
North East
6.7%
£505
£539
North West
6.7%
£567
£605
West Midlands
5.9%
£607
£643
Yorkshire and The Humber
5.6%
£556
£587
South East
2.6%
£959
£984
London
-2.8%
£1,727
£1,679
England
2.9%
£820
£844
By City
City
Change (%)
Av Rent Before EU Ref
Av Rent Now
Nottingham
24.5%
£538
£670
Manchester
18.9%
£693
£824
Newcastle
17.7%
£606
£713
Oxford
16.3%
£1,206
£1,402
Bournemouth
14.9%
£750
£862
Leeds
13.6%
£671
£762
Leicester
13.4%
£516
£585
Bristol
12.6%
£954
£1,074
Sheffield
5.9%
£579
£613
Cambridge
5.3%
£1,162
£1,224
Birmingham
5.2%
£675
£710
Liverpool
1.4%
£492
£499
Southampton
0.8%
£782
£788
Portsmouth
-1.6%
£797
£784
Plymouth
-1.7%
£588
£578
London
-2.78%
£1,727
£1,679
 

By London Boroughs
 
Borough
Change (%)
Av Rent Before EU Ref
Av Rent Now
Havering
10.5%
£1,027
£1,135
Barking and Dagenham
8.6%
£1,099
£1,193
Enfield
7.7%
£1,260
£1,357
Newham
7.5%
£1,314
£1,413
Southwark
6.6%
£1,600
£1,705
Hammersmith and Fulham
6.3%
£1,886
£2,005
Waltham Forest
5.9%
£1,230
£1,303
Redbridge
5.7%
£1,199
£1,267
Ealing
5.1%
£1,458
£1,532
Hackney
4.7%
£1,773
£1,856
Hillingdon
4.3%
£1,194
£1,245
Greenwich
3.7%
£1,342
£1,392
Lewisham
3.1%
£1,242
£1,280
Croydon
2.8%
£1,102
£1,133
Tower Hamlets
1.7%
£1,733
£1,762
Bromley
0.7%
£1,241
£1,250
Brent
-0.1%
£1,584
£1,582
Haringey
-0.2%
£1,523
£1,520
Sutton
-0.4%
£1,119
£1,114
Harrow
-0.8%
£1,370
£1,359
Bexley
-1.0%
£1,036
£1,026
Lambeth
-1.2%
£1,690
£1,670
Kensington and Chelsea
-1.3%
£3,215
£3,173
Richmond upon Thames
-1.8%
£2,036
£2,000
Wandsworth
-1.8%
£1,889
£1,855
Islington
-1.9%
£1,941
£1,904
City of London
-2.7%
£2,249
£2,189
Merton
-3.0%
£1,625
£1,576
Kingston upon Thames
-6.7%
£1,453
£1,355
Camden
-7.4%
£2,285
£2,117
Barnet
-8.0%
£1,669
£1,535
Westminster
-8.4%
£2,956
£2,709
Hounslow
-21.9%
£1,659
£1,296
City of London
-2.7%
£2,249
£2,189
Merton
-3.0%
£1,625
£1,576
Kingston upon Thames
-6.7%
£1,453
£1,355
Camden
-7.4%
£2,285
£2,117
Barnet
-8.0%
£1,669
£1,535
Westminster
-8.4%
£2,956
£2,709
Hounslow
-21.9%
£1,659
£1,296

 

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