Rental growth on renewed tenancies is rising in London, as a greater number of tenants, is continuing to stay in the same residential property, according to latest statistics from Countrywide.
In London, rental growth on renewed tenancies increased by 3.2 per cent year-on-year. Likewise, 3.7 per cent more tenants renewed their tenancies when compared to the corresponding period last year in the UK capital.
In fact, London has seen the second strongest renewals rental growth across the country. In Outer London, the renewals rental growth was 4 per cent annually while in Inner London, the corresponding figure was 0.8 per cent.
With less stock available on the open market to choose from, particularly in the capital, more tenants are choosing to renew their current tenancies than move on.
Across Great Britain, there were 2.5 per cent more tenancies renewing in August when compared to last year. It means rental growth on renewed tenancies has risen 2.8 per cent, the highest level in 10 months.
Meanwhile, rental growth on newly let homes (properties advertised on the open market to let) increased by 1 per cent across Great Britain. Rents on new lets in Great Britain, excluding London, rose to 2 per cent in August, the strongest growth in nine months.
So far this year, there were 6% fewer homes available to rent in Great Britain than at the same period last year - Countrywide