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August 2

by Millie Wickens
UK buy to let annual rent rises standing still

Buy to let rents stood still for the second month in a row in June, according to official data.

Average rents increased 1.3 per cent over the previous 12 months – the same annual rise as seen in May.

However, the figures varied across the country, says the Office for National Statistics (ONS).

In England, rent rises followed the UK trend at 1.3 per cent up, but increases were softer in Wales (1.1 per cent) and Scotland (0.9 per cent).

The figure for Wales has stayed the same since February, while Scotland nudged up from 0.8 per cent in May.

Northern Ireland rents have consistently increased by 2 per cent since last year, says the ONS, but up to date data is only published every six months, with the next instalment due in September.

London rent statistics remained unchanged from May as well – increasing at an annual rate of 0.9 per cent – but the figure is still at the highest level since September 2017.

The figures come from the ONS Index of Private Housing Rental Prices (IPHRP), which measures the change in the price tenants pay when renting residential property from private landlords.

“Growth in private rental prices paid by tenants in the UK has generally slowed since the beginning of 2016, driven mainly by a slowdown in London over the same period” says the report.

“Rental growth has started to pick up since the end of 2018, driven by strengthening growth in London.”

Between January 2015, when the index started to track UK rents, and June 2019, buy to let rents across the UK rose by an average 7.7 per cent.

Regionally, the largest annual rent increase was in the East Midlands, reaching 2.1 per cent and unchanged since May. The South West was just behind at 2 per cent, again unchanged since May.

The lowest rise was in the North East, where buy to let rents were unchanged since May at 0.5 per cent.

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