Suffering from high taxes real estate investors in the UK are looking for cheaper objects in north of England, which assume lower stamp duty as well as higher profitability than properties in other parts of the country, Bloomberg reports. Some investors stopped buying at all.

Recent investment data shows that investors spent 30% less in the first half of this year than during the same period in 2015 before stamp duty was raised. Decline is even higher in more expensive parts of the country, including London and southeast England.

Demand for rental properties was usually higher in London, where lack of affordable housing was observed, as well as due to presence of younger and more mobile population.

However, additional sales tax for second house owners and landlords introduced in 2016 scared investors away. Now they are more focused on getting more yield not to buy attractive property in London.

Rent price grew in September by 1,6% to 980 pounds per months.

Average price of house purchased for renting was 174580 in the first half of the year, which is 4% lower than last year and 7% lower from peak level of 2016.