New research has shown that since the UK voted to leave the European Union in June 2016, Nottingham has experienced the largest rise in residential rent costs, while the biggest falls have been seen in London.
VeriSmart looked at all regions across England, as well as 15 major cities and all London boroughs, using official figures to generate it’s analysis report.
The findings have shown that, with a rise of 24.5% since June 2016, Nottingham has seen the sharpest price increases. Indeed, the average renter now pays £670 per month in the East Midlands city. Nottingham is followed by Manchester, where rents have gone up 18.9% to £824, and then Newcastle, up 17.7% to £713. Elsewhere, Oxford is up 16.3% to £1,402, while Bournemouth up 14.9% to £862.
By contrast, London saw average rents drop by 2.78%, meaning that the average monthly cost is now £1,679. The second biggest fall has been in Plymouth, down 1.7% to £578. Further along the south coast, Portsmouth has seen a decrease of 1.6% to £784, while in nearby Southampton rents crept up by 0.8% to £788.
An analysis of the London boroughs shows that, despite overall average rents decreasing since the referendum, Havering has bucked the trend, seeing double digit uplift of 10.5% to an average of £1,135. Meanwhile, Barking and Dagenham grew by 8.6% to £1,193, and Enfield has seen rises of 7.7% to £1,357. Finally, rents in Newham have risen by 7.5% to £1,413.
The biggest fall in rents in London was in the borough of Islington – down 1.9% to £1,904, while rents have fallen by 1.8% to £1,855 in Wandsworth. Elsewhere, rents in Richmond and Thames have fallen by 1.8% to £2,000 and by 1.3% in Kensington and Chelsea to £3,173.
Across the English regions the East of England has seen the highest price rises, with renters now paying £859 after an increase of 9.3%. The East Midlands has grown by 9% to £616, while the South West and the North East have grown by 8.9% and 6.7% respectively.
Elsewhere, rents in the North West have increased by 6.7% to £605, while rents in the West Midlands are up 5.9% to £643. Renters in Yorkshire and the Humber are now paying £587 following a 5.6% increase, while rents in the South East are up 2.6% to £984.
‘While Brexit has brought subdued buyer demand, a fall in transactions and a top line slow in the rate of price growth, there are a number of areas in the rental market that have seen accelerated rental growth since the vote,’ said founder of VeriSmart, Jonathan Senior.