August 2016 - No sign of post-Brexit slowdown in rental market
Boom in South East rents
Rent growth in the South East of England was significantly higher than anywhere else, with the typical property now commanding £924 per month. This is 14.9% higher than a year ago.
Upward pressure on the market in the South East could be a result of tenants looking further afield to offset high London rents. While July’s average of £1,273 is higher than the previous month’s figure of £1,225, the market in the capital is down 0.7% year-on-year. It was the only area of England and Wales to post an annual fall and remains below the £1,301 recorded in September 2015.
London still remains home to the highest rents (£1,273), well ahead of the South East (£924) and East of England (£857).
Rent rises across England and Wales averaged 5.2%, - a reversal of the recent trend of small rent increases which, for example, saw growth of only 1% in May 2016. These figuressuggest that the UK’s decision to exit the European Union has had limited impact on the rental market in England and Wales.