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TODAY'S OTHER NEWS

New survey sees London rents plummeting as rest of GB is static

Rental growth across Great Britain was flat in September according to the latest market survey by Countrywide brand Hamptons International.

Average rents on newly let properties were the same level as in September 2019.  

However the number of regions recording rent falls since the start of the Coronavirus pandemic in March has fallen to its lowest level.

Only London (down 2.9 per cent) and Wales (down just 0.1 per cent) saw year-on-year rent falls in September, with every other region in England and Scotland recording rental growth.  

Rents in the South East and East of England returned to growth in September, having recorded falls in each of the last three months. 

While London as a whole has seen rents fall in every month between March and September, these falls have been predominantly driven by Inner London.  

However September marked the first month since March when rents in Outer London returned to growth, rising 0.2 per cent year-on-year. 

Despite this rise, however, Hamptons says there is no sign yet of a recovery in Inner London where rents fell 14.1 per cent in September compared to the same time last year.

 

 

“Rents continued to recover in September and growth remained strong across the Midlands and the North with no signs of a slowdown” according to Aneisha Beveridge, head of research at Hamptons International.  

“Since March, London has been dragging down the national rental growth figure and continues to do so, but rent falls in London look to have bottomed out. Despite this, London was the only region in England where fewer homes were let in September than at the same time last year” she says.

  

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