Rail strikes hit South East rental growth

Rental growth has taken a hit in areas of the South East most affected by ongoing Southern Rail strikes, according to data from Landbay. The pace of rental growth slowed in five of the six areas affected by industrial action that started in August last year. In Surrey, growth turned negative in the second half of 2016, falling from 0.12% in the first six months to -0.02%. East Sussex saw its rental growth dip from 0.26% in the first half of the year to 0.15%. The South East as a whole fell from seeing the second fastest rental growth over the past five years to the seventh fastest, with rental growth falling from 0.21% in the first half of 2016 to 0.13% in the second half. The strikes are part of an ongoing dispute between Southern and the RMT union over the introduction of driver-only trains. Landbay chief executive John Goodall said: “Rental prices along the Southern network haven’t plummeted just yet, but these figures do suggest it is beginning to have an impact on local property markets. “The research demonstrates the influence of these unavoidable external factors on the rental market. With disruption expected to continue, people wll begin to re-evaluate the criteria when it comes to renting – whether that be distance from London or reliable transport links.” • To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette