Rental prices edging upwards across Britain, says ONS

Private rents in the UK went up by 2.6% in the year to March 2016, according to the latest Office of National Statistics figures. The figures themselves are percentages and not actual rental prices.

Rents were up by 2.8% in England, 0.2% in Wales and 0.6% in Scotland, according to the ONS.

Prices rose across all English regions and were up by the most in London at 3.7%, where annual rental price growth has been stronger than the rest of England since November 2010.

Prices for the UK with London stripped out show an overall increase of 2% in rental prices in the 12 months to March.

In England, after London, the biggest annual increases were seen in the east at 3% and the south-east at 2.9%.

The lowest annual increases were in the north east at 0.8%, followed by the north west at 1% and Yorkshire and the Humber at 1.2%.

The ONS said conditions in the housing market overall may be supporting rental price growth but house price growth has been stronger than rental price growth for a number of years.

The ONS cited the RICS’s March report which noted that tenant demand grew for the 15th month in a row but warned that strong demand was being outweighed by shortage of supply.

Meanwhile, the latest Bank of England mortgage loan approvals data confirm what we already know: that there was a stampede for mortgages from buy-to-let investors and second-home buyers before the Stamp Duty changes took effect in April.

Gross mortgage lending surged to £27.4bn in March, up from £20.9bn in February and £21.3bn in January, and the highest figure since February 2008.

Remortgaging remained close to recent peaks at 41,347, compared to an average of the last six months of 40,755 and up 24.4% annually.

However, the number of mortgage approvals for house purchases fell from 73,195 in February and 73,527 in January to 71,357, though this was roughly in line with the last six months.

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One Comment

  1. jad

    Thank you George Osborne for Kick Starting this  ……………  wait a few months more as Landlords start to sell off their properties !!!!  your voting support is well on the wain !!

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