Rents rise by 2.5% year-on-year

New figures released by the Office of National Statistics suggest that rents in Britain increased by 2.5% in the year to May.

This represented a slight fall from the 2.6% annual increase recorded in the last month.

Rental rises

Statistics reveal that rental price increases were led by England, with values increasing by 2.6% year-on-year. Scotland saw a rise of 0.4%, with Wales recording no increases.

In Great Britain as a whole, the average rental price was £512.50, up from £500 per month in the same period in 2015.

Rents in the UK, with the exception of London, rose by 2% over the same period. Rental prices increased in all English regions year-on-year, with rental prices rising most prominently in the South East. Here, rental values rose by 3.4%, up from 3.1% in the previous month.

London saw rents heighten by 3.3% annually, but the yearly rate of growth was down by 3.7% in April 2016.

Lows

The lowest yearly rental prices were seen in the North East at 0.8%, unchanged from April 2016. The North West saw rises of 1.2% and Yorkshire and the Humber 1.2%.

Since January of 2011, rental prices in England have risen more than those in Wales and Scotland. From the beginning of 2012, England’s rents have seen annual increases between 1.4% and 3% year-on-year. This is partly due to the large imbalance between supply and demand registered in the market.