Growth in rental values in London may have slowed in recent months, but the capital remains by far the most expensive place to rent a home in this country, which largely explains why the number of Londoners renting property in the south of England has soared, as renters sought to get more for their money outside the capital.
With rents in the capital at a record high, it would appear that many renters have been tempted by the additional space and relative value on offer in other southern regions, with areas offering an easy commute back to the city and proximity to good schools often the key considerations for such renters.
Michelle Niziol, managing director of IMS Property Solutions, said: “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.
“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.”