Tenants leaving London in search of affordable property isn't news, but how they're doing it and where they're going is.

Figures released toward the end of last year by Countrywide, the UK's largest estate agency and property services group, showed that tenants are leaving London in record numbers.

So what's new?

Although the numbers are rising faster, this trend isn't new. But what IS new, is that they are leaving not to buy their own property, but to rent again. This in turn is pushing rents outside London up, making them less affordable.

This is the latest effect of the credit crunch of over ten years ago - the inability of today's younger generation to buy property making them increasingly likely to rely on the private rental market. This is good news for private landlords, who have been able to make significant gains in rents over the last ten years, with capital gains in some areas too.

By the numbers

Ten years beforehand the number of renters leaving London to buy stood at 51% - now it's 21%.

Countrywide's analysis shows that rents in London have risen a lot faster than any other UK location since 2012. It's believed this is the key factor driving people away from the city to find cheaper rents.

While many of the renters leaving London move north, others are staying within reasonably easy reach of London - to commute for work. In Slough and Thurrock, for example, nearly half the homes let during the 12 months leading up to October 2017 were let to tenants moving from London.

Other areas not far behind were Broxbourne on 36%, St Albans on 29% and Canterbury on 26%. Even Oxford and South Oxfordshire, where rents are relatively high compared to the surrounding areas, recorded figures of 22% and 19% respectively.

Slough and Thurrock also feature near the top of the lists of ex-London tenants buying property, with 12% and 11% of homes sold respectively.

What does this mean for landlords?

Although economic uncertainty around Brexit and stagnant wages have resulted in a slowdown in house prices, the rises seen in many areas a few years ago will have increased the value of most landlords' portfolios.

The trends shown in Countryside's October 2016 to October 2017 figures show that staying in the rental game will still deliver substantial returns, particularly in London and the surrounding commutable areas.

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