The Hamptons International Monthly Lettings Index (formerly the Countrywide Lettings Index) shows that in April the average cost of a new let in the North fell for the first time in four years. Rents in the North fell -0.3% in April 2018 compared to the same period last year, meanwhile rental growth accelerated in the South to 2.2%. Across Great Britain average rents rose 1.9% year-on-year in April to reach £953pm.
The average cost of a new let in the South rose to £1,372pm in April, 2.2 times more than the average rent in the North (£622pm).
Since April 2016 when the stamp duty surcharge for second homeowners was introduced, the number of homes available to rent has fallen in the South, but stock levels have been more resilient in the North. Last month there were 19% more available homes to rent in the North than in April 2016, compared with -16% fewer homes available to rent in the South.
Since April 2016 landlords have sold 82,000 more homes than they bought in the South, compared to 24,000 net sales in the North. As a result, in April 2018 there were 5% fewer homes available to rent across Great Britain than in April 2016. It also means that in the South, around 225 properties per day are leaving the PRS.