Brexit has had ‘no negative effect’ on rental market, figures show

The rental market across the UK was forecast to be one of the worst affected sectors in the wake of the Brexit vote in the EU referendum, but the latest figures would suggest that the sector has actually performed far better than it might have been expected to in the last few months.

According to the new buy-to-let index released this week by Your Move, there has been a minimal impact on rental prices only since the electorate voted to leave the single market. It said that since the referendum in June, prices for rental properties have actually climbed in all regions of the UK except for two.

Your Move’s data shows that the average rental price nationwide stood at £887 in August, which put it 4.8 per cent ahead of the figure that was in evidence in July, and an impressive 8.7 per cent higher than at the same time a year ago.

In London, where rental prices continue to move at a red hot pace, with data for the month showing that they have now hit an all-time high in the capital of £1,391. Surprisingly, though, this is not the fastest rising area in the UK for rental prices, with the south-east having stolen that crown from London.

While this used to be an area where house sales greatly outstripped the volume of rental properties, this is changing as the south-east falls more in line with the way the rest of the market has adapted in the last few years.

Adrian Gill, lettings director with Your Move, said that the latest figures show how the market has fought back against political turbulence that was in evidence over the past few years.

“The rental market appears to have left any uncertainty about the market behind with prices across England and Wales again reaching record highs,” he said.

“London continues to be home to the highest rents but other areas such as the north-east and south-east are witnessing even stronger levels of growth over the year, demonstrating the seasonal impact of the student market.”