Countrywide reveals London still the accidental Landlord capital of the country
Latest Countrywide PLC Monthly Lettings Index report – Novemver 2017 headlines ‘Accidental landlords add 80,000 rented homes to the market’.
In the report it states: The annual rate of rental growth picked up in November, with the cost of a new let across Great Britain rising 1.2% over the last 12 months or 1.6% outside London.
The report reveals a slower sales market in the South of England has revived the accidental landlord as more people choose to rent their properties out instead of waiting for a sale, 1 out of 12 homes that came onto the rental market in 2017 was previously for sale. London is still the accidental landlord capital of the country.
Commenting Johnny Morris, Research Director at Countrywide, said:
“While most landlords are in the business by choice, the last three years have seen an increase in the numbers letting out a property they had previously tried to sell. With mortgage rates remaining low, these discretional sellers can afford to let their home, while they wait and see what the future holds for the sales market.
“Rental growth in London is once again positive. Every region of Great Britain now has average rents higher than a year ago. And it likely that relatively low numbers of rental homes coming onto the market will keep rental growth firmly in positive territory. But growth remains well below the long run average, with November 2017 marking the second year anniversary of the date when rents last rose by more than 3%.”
Read Latest Countrywide PLC Monthly Lettings Index report – Novemver 2017 published 12th December 2017 in full click here.