Rents up by 2.3% year-on-year to October

The latest Office of National Statistics report has revealed that rents in the UK rose by 2.3% in the year to October 2016.

There are however, regional differences. Rents in England increased by 2.5% in England and by 0.4% in Wales, but slipped by 0.2% in Scotland.

Rental changes

The report shows that the annual rate of change in Wales is still well below that of England, and the average for Britain as a whole.

As for Scotland, rental growth fell by 0.2% in the year to October, from a high of 2.1% in the year to June 2015.

Rental rates rose in all regions in England year-on-year, with the South East seeing the greatest growth of 3.4%. When London is taken out of the equation, rents increased by 2.2%, down from the 3.5% in September.

More sharp growth was recorded in the East of England, with rents up by 3.2%, up from 3% in September.

Rents up by 2.3% year-on-year to October

Rents up by 2.3% year-on-year to October

Lows

At the other end of the scale, the lowest annual rental price increases in England were seen in the North East at 1.1%, followed by the North West with 1.3%. Growth in Yorkshire and the Humber stood at 1.5%.

Since the beginning of 2012, English rental prices have seen annual increases between 1.4% and 3% year-on-year. Over a longer period, residential house price growth in Britain has been stronger than rental growth.

Between January 2013 and September 2016, house price inflation rose by 6% over the course of the year. On the other hand, rental price inflation has been 2.1% on average.

©2017 Just Landlords

Log in with your credentials

Forgot your details?