Rental growth slows across Britain
Countrywide PLC yesterday published their monthly lettings Index – September 2016.
They state that rental growth has slowed across Britain over the last year, but price growth in Northern cities has remained at a similar rate to recent months. Rents are rising faster in Northern cities than those in the South, most Southern cities have seen rental growth slow over the course of 2016. Read the report in full.
Commenting on the findings, Johnny Morris, Research Director at Countrywide said: “A different type of two speed rental market is emerging, with falling stock and growing demand driving rental growth in many Northern cities at a higher rate than those in the South.
“With London rents growing at the slowest rate since the downturn (2008) and Northern cities recording rent rises three times as large as their Southern counterparts, there are signs that the North-South rental divide is starting to close. Although at current rates it would take at least five years for the gap between rents in the South and North to close back to 2010 levels.
“As some would-be buyers and sellers sit on their hands, Brexit-induced uncertainty has continued to boost to the rental market. Overall this is yet to stoke rental inflation, but September saw record activity, with increasing numbers of lets agreed and tenants choosing to renew their contracts. On current trends, 2017 could be the first time since the 1930s that more homes are let than sold.”
To read yhe Countrywide PC monthly lettings Index September 2016 in full click here
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