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Hamptons analysis shows the gap between rents in the north and south of England has narrowed to its lowest level in more than a decade.
Average rent in the South is 37% higher than the North, down from 43% in August 2023 and 55% in November 2021.
In the south of England, rental growth slowed from 8.7% to 5.0% last year.
Meanwhile, in the north, rents are still rising 9.6% year-on-year, roughly the same pace as last year.
“It’s only in the last year or so that this gap has really started to close more than it has in the past,” said Aneisha Beveridge, Hamptons’ research director.
“This is due to slower rent growth across the south of England due to pressures from rising house prices.
“Tenants in the south are experiencing slower growth in percentage terms, but a big uptick in cash terms.”
“A 10% rent increase in the south of England would mean tenants paying an extra £1,581 a year – £428 more than those in the north.”
Adjusted for inflation, rents have risen 10% nationwide since 2019, averaging an increase of 2% each year.
In real terms, rents in the North of England rose by 24%, compared with a 10% increase across the South of England.
Much of this surge has been in the North West, where rents for new rental properties have risen by 53% since 2019.
Rents in Wales (-5%) have fallen in real terms over five years.
Meanwhile, rents in Greater London have risen by 3% in real terms since 2019, barely staying in positive territory.
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