This article by the Property Wire on September 26th, 2013 shows that
according to the new index from the Office of National Statistics
private residential rental prices paid by tenants in the UK rose by 1.2%
in the 12 months to August 2013.
Excluding London, were rents are higher than the rest of the country,
rental prices were up by 0.8% during the same period, the data also
shows.
There were also regional variations with rental prices up
by 1.3% in Scotland and Wales and by 1.1% in England. But within England
rental prices were up 1.9% in London and 1.1% in the South East of
England.
The Index of Private Housing Rental Prices (IPHRP) is a new
experimental index that measures the change in price of renting
residential property from private landlords and calculates changes in
the prices paid by tenants for renting private housing instead of
calculating changes in the latest agreed rental prices.
The
index examines how much tenants in privately rented accommodation pay in
a month compared to the same month in the previous year. ‘This is a new
official statistic undergoing evaluation and therefore it is
recommended that caution is exercised when drawing conclusions from the
published data as the index is likely to be further developed,’ said an
ONS spokesman.
The index report says that the large weight that
London has in the overall data reflects its high average rental prices
and its large volume of private rented property.
All the regions
in the UK have experienced rises in their private rental prices since
2011 and since January 2011 England rental prices have increased more
than those of Scotland and Wales.
Until April 2013, the annual
rate of change in the IPHRP had been higher in England than in Scotland
or Wales. However, the annual rate of change has been increasing in
Wales and Scotland since late 2012 and is, in August 2013, higher in
these countries than in England.
The IPHRP series for England starts in 2005. Private rental prices in
England show three distinct periods: rental price increases from January
2006 until November 2009, rental price decreases from December 2009 to
November 2010, and increasing rental prices from December 2010 onwards.
Of these three periods, 2008 showed the largest rental price increases.
Excluding London, England showed an increase of 0.7% for the same
period. From August 2012 to August 2013 private rental prices increased
in the nine English regions.
The data also shows that rental price
increases have been stronger in London and the South East than the rest
of England since January 2011.
The figures highlight the heat
building in the London market, according to Jonathan Hopper, managing
director of property finders, Garrington. ‘During the Autumn we are
expecting to see increasing pressure from those wanting to rent as
supply tightens leading to a further firming of rental prices,’ he said.
Article Source: http://www.propertywire.com/news/europe/uk-residential-private-rents-201309268283.html
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