Rents in England their upward path last month, rising 0.1 per cent to an annual rate of 4.7 per cent according to data from the Office for National Statistics.
“The rapid growth within UK rental prices shows no sign of abating with another annual inflation rise in April” explains Aimee North, the ONS Head of Housing Market Indices.
She continues: “London and Yorkshire and The Humber showed the highest annual rates in England this month, with London experiencing the highest annual percentage increase in over a decade.”
The highest annual percentage change in private rental prices in England over the 12 months to April 2023 was in London and Yorkshire and The Humber, at 5.0 per cent.
The ONS index shows that while rents increased 4.7 per cent in England, they rose even more elsewhere in the UK - up 4.8 per cent in Wales and 5.2 per cent in Scotland.
Tom Bill, head of UK residential research at Knight Frank comments: “Rents continue to rise sharply as a supply shortage makes life difficult for a growing number of tenants.
“Politicians have targeted landlords with a series of tax hikes in recent years and as more of them leave the sector, fast-rising rents means the pain has spread to tenants.
“More details were announced last week on the government’s Renters Reform Bill, which needs to make sure it doesn’t make a bad situation worse. Around a fifth of households in England are renting, which is a lot of voters.”
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If PRS rents are rising at less than 5% while inflation has been running at over 10% for most of the year doesn't this indicate what a fantasticly good deal tenants are getting?
Social housing tenants have mainly had 7% increases this year.
Mortgage interest rates are up about 125% on a 5 year fix.
Doesn't this indicate PRS tenants have been shielded the most from all the economic turmoil?
I find these stories just inane, everything has gone up from the cost of a car to a box of screws 🙄 , even if we were not being driven out our rents would have increased anyhow.
4.7% rent increase vs 10.2% inflation = almost exactly 5% reduction in real terms adjusted for inflation. Based on core consumer inflation rate of 6.8% makes for a 2% drop in real terms.
I have to increase the rent on my property by more than 10% soon. I have let my property at well under market rent for years but now I need approx. 12% increase as I can get more by selling it and putting the cash in a 5% bond. That's after paying large CGT charge. Tenant not aware yet but they accept increase or leave. Not here to be a charity and bet I am not alone in this situation.
A lot are in the same boat, less hassle and the same income in the end… why bother 🫤
ONS data showed Northern Ireland is the one region of the United Kingdom which has recently had the highest percentage increase in PRS rents. It amazes me that articles such as the one above with the title 'Rents Up Across The UK - New Official Figures' choose to ignore this fact......It makes such articles / journalism on this web site seem rather sloppy.
I have just increased rent on one of my properties by 12%. This is the first increase since the tenant moved in in 2016. The rent also includes heating.
The tenant is still getting a great deal given total inflation and fuel price increases since 2016.
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