Rents outside London continue to rise according to Hamptons International
Latest Hamptons International Monthly Lettings Index report – August 2018 reveals that London rents on newly let homes (i.e. homes advertised on the open market to let) fell for the third consecutive month, down -0.8% year-on-year, however rents on newly let homes in Great Britain excluding London, rose 2.0% year-on-year.
Rents on those properties where tenants renewed their rental agreement are more robust according to Hamptons International.
Commenting Aneisha Beveridge, Analyst at Hamptons International, said:
“Despite low stock levels, rents on newly let properties (i.e. homes advertised on the open market to let) fell in London for the third consecutive month. Moving is costly for both tenant and landlord. In a period of uncertainty, where tenants’ incomes and landlords’ yields are squeezed, more tenancies are being renewed.
“With affordability stretched and less choice available on the open-market, more tenants are choosing to stay put. And with landlord yields under pressure from high property prices and tax changes, fewer landlords want to run the risk of looking for a new tenant and suffering void periods.
“But rents outside London continue to rise. Wales and the Midlands have driven rental growth outside the capital to increase 2.0% year-on-year, the strongest growth in nine months.”
Read the Hamptons International Monthly Lettings Index – August 2018 in full click here.
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