Modest 1.1% rise in average rents in past year

Countrywide says that the average price of a new let in Britain rose by 1.1 per cent year-on-year in June 2017 to stand at £950 pcm.

London was the only region to see rents fall year-on-year – they dipped 0.8 per cent.

Meanwhile the south west recorded the strongest rental growth of 4.6 per cent, the biggest year-on-year pickup for any region recorded by Countrywide since November 2015.

“Falls in London were off-set by higher growth across the rest of the country. The fall in the capital was driven by lower rents in the outer areas of London as the ripple effect from falling rents in Central London continues” says the agency group’s head of research, Johnny Morris.

Yesterday Countrywide revealed what it regarded as a significant drop off in the number and proportion of foreign-based individuals investing in UK buy to let.

The regional rent figures for June from Countrywide are:

Greater London: Average rent £1,673, down 0.8% on the year;

– East of England: £931, up 2.8%;

– South East England: £1,022, up 1.1%;

– South West England: £786, up 4.6%;

– Midlands: £665, up 2.3%;

– North: £628, up 2.3%;

– Scotland: £632, up 1.4%;

– Wales: £645, up 0.1%.

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