UK Rental Price Growth Has Slowed Down
Everywhere Except London
The hype suggesting spiralling rental prices in the UK’s private rental sector (PRS) are out of control, has been previously used by tenants and even some agents to brow beat private sector landlords into lowering the expected monthly rental prices has been exposed as a myth by the Office for National Statistics (ONS).
Apart from the ridiculous rental situation in London, where rental prices for single dwellings are getting beyond affordable, landlords across the rest of the UK are lucky if property rental prices just about keep pace with inflation.
Private rental sector rental prices are flat in monetary terms when viewed year on year even if there has been some seasonal adjustment for the Spring & Summer lettings market.Many PRS landlords have resisted the urge to increase rents year on year due to the potential fear of losing good tenants from their rented properties
Government figures on PRS rents provided by the ONS show that overall UK rental prices are only up 1% over the course of a year.
In fact, the latest rental figures published in the Financial Times reveal the truth about PRS rental prices, with rent rises across the UK slowing to their lowest annual increase rate for more than 4 years.
Data published by LSL Property Services also supports these findings as independent research showed that rents in March 2014 were only 0.9% per cent higher than they were a year ago, with average rental prices at £741 (GBP) per month.
This is the slowest growth rate of rental prices since January 2010.
When the figures are viewed on a monthly basis, UK PRS rents actually fell by 0.2% between February and March 2014.
- Click to share on Facebook (Opens in new window)
- Click to share on Twitter (Opens in new window)
- Click to share on Google+ (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to email this to a friend (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Pocket (Opens in new window)
- Click to print (Opens in new window)
- Click to share on Pinterest (Opens in new window)