Rental growth picks up across Great Britain in April according to Hamptons International
Latest Hamptons International Monthly Lettings Index – April 2018 reveals that in April the average cost of a new let in the North fell for the first time in four years. The average cost of a new let reached £953 pcm in Great Britain in April, 1.9% up on the same period last year.
Average rents in the North fell -0.3% in April compared with the same period last year – the first year-on-year fall since June 2014. the average cost of a new let in the South rose to £1,372 pcm in April, 2.2 times more than the average rent in the North (£622 pcm) according to Hamptons International.
Commenting Aneisha Beveridge, Research Analyst at Hamptons International, said:
“Low stock levels in the South continue to drive rental growth as tenants compete for fewer available homes. Since April 2016, the month the stamp duty surcharge was introduced for second homeowners, landlords across Great Britain have sold 88,000 more homes than they bought. But landlords are finding new ways to maximise their returns by purchasing properties elsewhere, particularly further North in search of lower stamp duty bills and higher yields.
“Across Great Britain rental growth picked up last month to 1.9%, with the East being the top performing region (3.6%). London has seen a reversal of fortunes with rental growth averaging 2.7% so far this year compared to -2.0% in the same period last year. This growth has been driven by inner London with average rents rising 4.1% so far this year.”
Source of information Hamptons International.
From May 2018, the Countrywide Lettings Index has been re-branded the Hamptons International Monthly Lettings Index.
Hamptons International, part of the Countrywide Group, will continue to run the lettings index. The methodology and time series remain the same. The index has been running since 2012. From May 2018 the index will include an inner and outer London split.
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