UK PRS rent climbs by 2.6% year-on-year
The price tenants are paying for rental properties across the UK has continued to increase in the past 12 months as demand has grown time and again, according to the latest report released by the Office for National Statistics.
In the year to the end of March, the official governmental data shows, the price that the average Brit was paying for rent sat at some 2.6 per cent higher than the previous year. This marked the same annual price hike that was seen in February, indicating just how stable the market continues to be at the moment.
England marked the highest rental price increases over the year once again, with the average landlord able to charge 2.8 per cent more than the year before. This was pushed higher by the fact that every single region in England experienced growth throughout the year, which gives evidence of widespread health in the rental sector.
In Scotland and Wales, although prices were still up year-on-year, the data indicates that they lag far behind England, with price rises of 0.6 per cent and 0.2 per cent in the last 12 months respectively.
Adrian Gill, director of lettings agents Your Move and Reeds Rains, said that these rental prices show strength in the market in the early part of the year, but added that more health is yet to come, with the market going from strength to strength throughout the summer and hitting its peak sometime in the autumn.
"This reflects the strengths of private renting, the opportunity for young independent adults to strike out on their own, or for families to move across the country and earn the best possible livelihood. In the towns and cities with the biggest renting populations it is a constant struggle for supply from landlords to match demand from tenants. With a surge in jobs and local economic activity, rents rise. Keeping pace will not be easy, and will depend on the freedom to invest as a landlord," Mr Gill added.