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Buy to Let

Rental costs up 1% in a year, says ONS

Emma Lunn
Written By:
Emma Lunn
Posted:
Updated:
24/10/2014

Private rental prices paid by tenants in Great Britain rose by 1% in the 12 months to September 2014, according to the Office For National Statistics (ONS).

Private rental prices grew by 1% in England, 1.4% in Scotland and 0.2% in Wales in the 12 months to September 2014.

A property that was rented for £500 a month in September 2013, which saw its rent increase by the average for Great Britain rate would be rented for £505.00 in September 2014.

Rental prices increased in all the English regions over the year to September 2014, with rental prices increasing the most in London (1.5%).

Rental prices for Great Britain excluding London grew by 0.8% in the same period. This difference is due to the higher inflation in rental prices experienced in London when compared to the rest of Great Britain and its large weight in the Great Britain index. The large weight that London has in the overall index reflects its high average rental prices and its large volume of private rented property.

The ONS data comes from the Index of Private Housing Rental Prices (IPHRP) which measures the change in price of renting residential property from private landlords.


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