The gap between what tenants are paying in the north and south of England has closed to its lowest level in over a decade, meaning the North is catching up fast.

Hamptons, a property company, says the average rent in the North of England is now £960 per month, up 9.6% from last year. While that’s a big jump for tenants, it’s lower than the South, where the average rent is still £1,317. This gap, just £357, is the smallest it’s been since 2013.

Why the shrinking gap?

Experts say this is because the South is seeing a slowdown in rent growth, with affordability becoming a major concern. In the North, however, rents are rising more rapidly.

The North-East saw the biggest jump, with rents up a staggering 12.1% compared to last year.

What about London?

London saw the smallest rise in rents, a mere 2.1%, compared to 17.1% last year. But get fooled by the percentages. Londoners are still seeing big cash increases, with the average rent now hitting £3,318 a month, a £242 jump.

What does this mean for you, the landlord?

This news has some saying it’s time to invest in the North! With rents rising at a faster pace, you could potentially see better returns.

However, don’t forget that the South is still attracting a higher average rent, and the new “Renters Reform Bill” could see landlords facing tougher rules, potentially leading to increased costs and stricter regulations.

So, is this good news for landlords? It depends on your investment strategy and where you see the most potential. However, one thing’s for sure: the gap between the North and South is closing, and it’s something landlords need to be aware of.