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UK Index of Private Housing Rental Prices

UK Index of Private Housing Rental Prices

Experimental Statistical Data Released For January To March 2014 For Rental Prices Paid By Tenants In UK Private Rental Sector

The office for National Statistics (ONS) have released experimental statistical data covering the change in rental prices paid by tenants in the UK’s private rental sector (PRS).

Private rental prices paid by tenants in the UK increased 1.0% in the 12 months to March 2014, unchanged from a 1.0% increase in the 12 months to February 2014.

  • In the 12 months to March 2014  rental prices in the private rental sector increased by:
    • 1.0% in England
    • 1.3% in Scotland
    • 0.6% in Wales
  • Rental prices increased in all UK regions over the year to March 2014, with rental prices increasing by the most in London reaching 1.4%

The Index of Private Housing Rental Prices (IPHRP) measures the change in price of renting property in the UK’s private rented sector and is published as a series of price indices covering UK regions.

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New LHA Rates For 1st April 2013 Announced

New LHA Rates For 1st April 2013 Announced

The Valuation Office Agency (VOA) has published its new Local Housing Allowance (LHA) rates, which come into effect on the 1st April 2013.

LHA rates were frozen for a 12-month period until 31st March 2013. Future upratings, whilst still based on market rents, are limited to the rate of the September Consumer Price Index (CPI).

The LHA rates to be used in the first annual uprating in April 2013 were determined by rent officers and have been published on the VOA corporate website.

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Lack of Data Means No Usable Statistics For UK Rental Properties

Lack of Data Means No Usable Statistics For UK Rental Properties

There is an unjustifiable lack of data relating to rental properties in the UK property market, meaning that published rental statistics are just guess work according to top UK statistician, Jil Matheson

Jil Matheson, the UK’s most senior statistician, said that the absence of an official private rental index covering the whole of the UK represents a key gap in the analysis of the property market.

She also believes that more could be done to link up official data from a wide range of bodies so that rental statistics and positive trends in the UK buy to let market can be more easily identified.

The Valuation Office Agency (VOA) publishes private rental figures every quarter but these cover England only and the national statistician argues that the problem with non-official figures is that they are often not sufficiently broken down and fail to provide accurate rental statistics.

Ms Matheson suggested that a monthly UK-wide index could be created by combining the VOA figures with data from sources in Scotland, Wales and Northern Ireland, providing a clearer picture of the state of the UK rental market as a whole.

Rental prices have continued to increase significantly over the past year as would-be homebuyers have been forced to rent property as they have struggled to get on the property ladder due to stricter qualifying criteria and higher deposits demanded by banks and mortgage lenders.

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