Nottingham has seen the largest uplift in residential rents since the UK voted to leave the European Union in 2016 while London recorded the biggest fall, new research shows.
The analysis from VeriSmart uses official rental figures and looked at regions in England, 15 major cities and all boroughs in London.
Average rents increased the most in Nottingham with a rise of 24.5% to £670 per month since June 2016, followed by Manchester up 18.9% to £824, Newcastle up 17.7% to £713, Oxford up 16.3% to £1,402, and Bournemouth up 14.9% to £862.
The biggest fall was a drop of 2.78% in London to an average of £1,679, followed by a fall of 1.7% in Plymouth to £578, and a decrease of 1.6% in Portsmouth to £784. Rents were up just 0.8% in Southampton to £788.
With London seeing rents drop as a whole since the referendum, Havering is the only borough to see a double digit uplift, with a 10.5% increase to an average of £1,135, followed by a rise of 8.6% in Barking and Dagenham to £1,193, a rise of 7.7% in Enfield to £1,357, and a rise of 7.5% in Newham to £1,413.
The biggest fall in rents in London was in the borough of Islington where they were down 1.9% to £1,904. Wandsworth saw rents fall by 1.8% to £1,855, rents also fell by 1.8% in Richmond upon Thames to £2,000 and fell by 1.3% in Kensington and Chelsea to £3,173.
On regional basis rents increased by 9.3% in the East of England to an average of £859. By 9% in the East Midlands to £616, by 8.9% in the South West to £796, and by 6.7% in the North East to £539.
Rents also increased by 6.7% in the North West to £605, by 5.9% in the West Midlands to £643, by 5.6% in Yorkshire and the Humber to £587 and by 2.6% in the South East 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.
