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London renters are moving out of London

16 October 2017

While some London renters are moving north, they are largely staying in the commuter belt in areas such as Slough, where 46pc of homes are let to tenants who have moved there from the capital. The average rent across the UK rose 1.1pc in the last 12 months, driven by growth in the south of the country; in the South West, rents rose by 3.3pc in the year to September, while in London they were flat.

The places where homes are most likely to be let to a tenant moving from London, according to Countrywide:

Slough Thurrock Broxbourne St Albans Canterbury Elmbridge Oxford Basildon South Oxfordshire Luton

Johnny Morris, research director at Countrywide, said: “Rental price growth continues to be supported by the low number of landlord purchases, particularly across the south of England.

“The number of rental homes on the market has continued to drop with more southern-based landlords looking northwards in search of better yields and lower stamp duty bills.”

It comes as data from Rightmove found that sellers are continuing to set higher asking prices despite lower levels of sales and buyers. The number of agreed sales is now 5.9pc lower than last September, while there are 3.1pc more sellers than a year ago.

Rightmove found that the average asking price for a property in the UK grew by 1.1pc between September and October, and just 1.4pc in the last 12 months.

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