Rents are rising faster outside London than in the capital for the first time since 2010, new figures show. In the last 12 months, London has gone from the region with the second fastest rate of rental growth in Britain to the slowest, according to property firm Countrwide’s latest monthly lettings index. In November the average London rent was 0.7% lower than last year, the sharpest fall since October 2010 when the average rent stood at £901 a month. The gap between rents in London and the rest of Britain has steadily grown over the last five years – by last year the gap had reached a record £490 a month, up from £150 a month in 2010. However, rents in the capital are now growing at a slower rate than the rest of the UK, meaning that the gap between London and the rest has now closed. Experts claim this decline has been driven by a surge in the number of homes available to rent in the capital. In November there were 32% more homes to rent in London than 12 months ago, while the number of would-be tenants rose by just 9%. Johnny Morris, Research Director at estate… Read full this story
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