Rental growth in london turned positive in July according to Countrywide
Countrywide plc Monthly Lettings Index July 2017 released today headlines ‘Rate of rental growth doubles’
The annual rate of rental growth in Great Britain doubled between June and July to 2.2%, driven by a turnaround in the London market.
Rental growth in london turned positive in July following eight months of falls.
A shortage of stock in the South of the country was driven by a fall in the number of homes being bought by landlords, down 50% since 2015 in London.
Commenting on the analysis, Johnny Morris, Research Director at Countrywide, said:
“The rush to beat higher stamp duty rates in April 2016 caused a spike in the number of homes to rent, but that has now worked its way through the market. The stock of homes to rent is now falling in the more expensive parts of the country because higher tax rates have dissuaded large numbers of landlords from buying. Ultimately this means fewer homes on the market and higher rents.
“Across the Midlands and the North, higher rates of stamp duty are much less of a disincentive to investors. Here the number of homes on the market remains up on last year, buoyed by investors living in London and the South East choosing to buy in the Midlands and the North.”
Read the Countrywide plc Monthly Lettings Index July 2017 in full click here.
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