The rate of rent increases across the UK has stood still for the past five months, according to the latest official figures.
The Office For National Statistics (ONS) says rents rose by 0.9 per cent in the year to November 2018, unchanged since July 2018. Breaking the figure down, rents in England were up 1 per cent and increased by 0.9 per cent in Wales but only by 0.5 per cent in Scotland.
In London, rents remained unchanged during the year, but recovered to 0 per cent from -0.2 per cent in October. When data for London is excluded from the index, average rents in England were up 1.4 per cent in the year to November 2018 – unchanged from a month earlier. The ONS data shows average UK rents were up £4.50 a month, compared with a year earlier.
Looking back, the ONS explained private rents across the UK had gone up by 6.8 per cent between January 2015 and November 2018, with rents in England increasing more than those in Wales, Scotland or Northern Ireland.
“Wales private rental prices grew by 0.9 per cent in the 12 months to November 2018, up from an increase of 0.7 per cent in October 2018. Wales showed a broad increase in its annual growth rate between July 2016 and the end of 2017, but has fallen back during 2018,” said the ONS report.
“Rental growth in Scotland increased by 0.5 per cent in the 12 months to November 2018, down from 0.6 per cent in the 12 months to October 2018. The historic weaker growth since mid-2016 may be due to stronger supply and weaker demand in Scotland.”
Regionally, the East Midlands saw the largest annual increase (2.7 per cent) followed by the West Midlands (1.8 per cent) and Yorkshire & The Humber (1.7 per cent).
Rents were unchanged in London, followed by the North East, where rents increased by 0.4 per cent.