Rental growth slows after Southern Rail strikes
The Southern Rail strikes appear to have affected rental growth across the South East.
Landbay’s Rental Index shows that South East rents grew by 0.21% from January to June but slowed to 0.13% from July to December.
Rents in Surrey were most affected, growing by 0.12% in H1 before falling by -0.02% in H2.
John Goodall, chief executive and co-founder of Landbay, said: “Rental prices along the Southern network haven’t plummeted just yet, but these figures do suggest that it is beginning to have an impact on local property markets.
“While the strikes may have caused headaches for commuters across the network, the dwindling rents are a small positive for tenants. Whether the lower rental prices are worth the delays is a whole other story.
“The research demonstrates the influence of these unavoidable external factors on the rental market. Our recent report has already highlighted the positive impact on infrastructural developments like HS2 and Crossrail on the rental market, however this is pushing prices in the opposite direction.
“With disruption expected to continue, people will begin to re-evaluate the criteria when it comes to renting – whether that be distance from London or reliable transport links.”
RMT union members first walked out in April last year before being joined by members of ASLEF over the introduction of driver-only trains.