According to lettings agency Hamptons, the average rent on a newly let home in March stood 4.4% higher across Britain - but if London is excluded, that figure rises to 6.8% annually.
This is the third consecutive month that annual rents for Britain - excluding London - showed a rise of 5.0% or more. Apart from London, last month every English region recorded annual rental growth of at least 4.0%.
Rental growth in London continues to follow a different path, with rents falling 2.1% annually. This marked the second month in a row that rents have fallen after turning positive between October last year and January 2021. Once again, the fall in the capital has been led by Inner London where rents dropped 17.1%, the 13th consecutive month that rents have decreased.
“Despite the gradual easing of lockdown, the London vs rest of the country rental growth divide remains entrenched”, said Aneisha Beveridge, head of research at Hamptons, who added: “Outside the capital, would-be tenants are scrabbling over stock before it hits the portals, while in Central London landlords are chasing tenants just as relentlessly.”
