Renters being pushed out of London due to record rents
Despite the growth in rental values in London slowing recently, the capital remains by far the most expensive region to rent in the country.
As such, a large number of Londoners renting property in the South of England has risen sharply, as more tenants are leaving London to try and get more value for money elsewhere.
Record Highs
With rents in the capital reaching record highs, many renters have been convinced to seek more space and value in other regions of the South. More specifically, these renters are looking to rent in areas offering a commute back to London and proximity to amenities such as good schools.
Michelle Niziol, Managing Director of IMS Property Solutions observed: ‘Growth in rent in the South of England is being fuelled partly by an increase in the number of people who are leaving London, seeking more affordable areas within the commuter belt. This is particularly so for young professionals and families and is likely to continue in 2017 and the foreseeable future.’[1]
Renters being pushed out of London due to record rents
‘More than four million households rent privately in the UK and this figure is set to grow as people continue to struggle to get on the housing ladder. However, there is also the growing trend of people choosing to rent rather than buy because of the flexibility it offers them. This means that despite the Government having announced a series of policy changes aimed at landlords, investing in bricks and mortar will still remain a worthy asset class for investors,’ Niziol added.[2]
[1] https://www.landlordtoday.co.uk/breaking-news/2017/1/high-prices-push-renters-out-of-the-capital