Tenants in London are potentially £1,806 better off since the vote to leave the EU in June 2016, according to the latest Landbay Rental Index, powered by MIAC.
Using a conservative projection, rental growth in the capital is now 2.84% lower than expected back in June 2016, but this could be as high as 4.15%. This higher estimate would leave renters in London with an extra £1,806 due to subdued rental prices, or £1,217 for the mid-point.
The capital’s property market, which has arguably suffered disproportionately from uncertainty since the referendum, saw average annual rental growth drop from 1.26% in June 2016 to a low of -0.33% June 2017, before starting a slow recovery in February 2018 (0.05%) up to 0.58% in December 2018.
The rest of the UK has largely stayed in line with expectations for growth, with the drop in rental price growth being confined to London.