Number of rentals to outstrip sales for first time in 80 years, says Countrywide Lettings Index

first_imgHome » News » Housing Market » Number of rentals to outstrip sales for first time in 80 years, says Countrywide Lettings Index previous nextHousing MarketNumber of rentals to outstrip sales for first time in 80 years, says Countrywide Lettings IndexBut rent increases are slowing across the UK on averageNigel Lewis17th October 20160551 Views The number of homes rented next year will outstrip the number sold if current trends continue, says Johnny Morris, research director at Countrywide (pictured, below).His prediction is made within the Countrywide Lettings Index, published today, which also highlights increasing rents in the north but slowing growth in the south.“A different type of two speed rental market is emerging, with falling stock and growing demand driving rental growth in many Northern cities at a higher rate than those in the South,” he says.The Countrywide Lettings Index also reveals that rents in Manchester are rising the fastest at 7.1%, three times faster than the average. York, Leeds, Liverpool and Glasgow are the other cities in the high growth ‘top five’ while the slowest growth cities – where many landlords are cutting back rents – include Cambridge and Oxford.Overall Countrywide says rental growth has slowed across the UK over the past 12 months from 2.8% to 2.2% as rent rises have slowed in eight of the UK’s eleven regions (see list, below).Agents will be cheered by Countryside’s activity figures, nevertheless. Morris says September saw “record activity with increasing numbers of lets agreed and tenants choosing to renew their contracts,” across the company’s 1,500 locations. The company currently has 74,500 properties under management.Rental growth for new lets – by regionsGreater London £1,313 (+1.6%)Central London £2,468 (+0.2%)East of England £1,010 (+8.7%)South East £1,198 (+2%)South West £866 (-0.6%)Midlands £704 (+1.6)North £692 (+2.7%)Scotland £706 (+0.9%)Wales £696 (+5.8%)Johnny Morris lettings market Countrywide research October 17, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more