The Office for National Statistics has produced new statistics conveying the increase of the UK’s private rental sector has increased by 1.3% in the last year up to September 2019. These figures are also unaltered since May this year.
The report broke down areas of the United Kingdom to see how the rental market had increased or decreased. All four nations had an increase of rented properties within their country. In England, rents had an increase of 1.3% and Wales 1.2% increase. Scotland had a 0.8% increase within the last twelve months and Northern Ireland had an increase of around 1.9% this year to June 2019.
However, bare in mind that this data excludes London rents. But on a positive note, London rents have had an increase of 1.5% in twelve months to September 2019.
Within the report, it also shows a breakdown of all the figures across sections of England. Across England, the South West has the largest annual rental increase of 2.1%; although this was marginally up from a August 2019 where a growth of 2% was recorded.
Following the South West was the Yorkshire and Humber area which had a 1.8% increase. Followed by the East Midlands who had an increase of 1.7% and the South East who had 1.6% increase.
The North East of England saw the lowest annual rent growth according to the repot. Rents only increase by 0.6%.
Then private rental sector started to slow at the beginning of 2016. This was mainly driven by a slowdown in London over the same period of time. Since the end of 2018, the private rental market has started to see more rents being paid by tenants. This has been impacted by the strengthening in the growth in London property.
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I started writing for PPO back in August 2019. I particularly enjoy writing about new housing developments and upcoming property events.