Rent rises across UK, says Office for National Statistics

Private rental prices in the UK rose by 2.7% in the UK during the 12 months to September.

The rise was stoked by London, where rental costs rose 4.1%.

According to the Office for National Statistics, rents grew 2.8% in England, 1.6% in Scotland and 0.5% in Wales.

Taking London out of the equation, rents grew by 1.8% year on year.

The ONS index report, which contains only percentages and no actual statistics, says that rental prices are now growing at their fastest annual rate for three years.

However, in some regions of the UK, rent rises were almost imperceptible, at 0.5% in the north-east and 0.7% in the north-west.

Andrew Bridges, managing director of London estate agents Stirling Ackroyd, said: “Britain’s rental market is being powered by London, as the capital’s allure continues to draw graduates and professionals from around the country.

“Supply remains an unaddressed issue – more apartments are needed rapidly to combat spiralling demand. And as renting becomes the norm for all ages, the result of this mismatch is felt clearly in average rents as much as property prices.

“When people say the UK needs more homes, the true meaning is usually that London needs more homes.”

Separately, ARLA said that supply in London remains an issue, but that tenants in the west midlands are being hit by the hardest rent rises.

It said three in five ARLA letting agents in the region reported rent rises in September.

This was despite apparently healthy supply, with the average branch managing 272 properties.

In London, the average ARLA branch manages only 124 properties.

The ARLA survey was carried out by Opinium Research online among 317 branches.


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