The UK has one of the strongest rental markets in Europe, fuelled by the increasing costs involved in buying a property, and the rising number of people who enjoy the relative freedom to move around as and when required. Now, the Office for National Statistics has published new figures from the Index of Private Housing Rental Prices (IPHRP), which show that rents across Britain rose by 2.5% in the 12 months preceding May 2016, meaning that properties that were rented for £600 in May 2015 cost £615 in May 2016 after applying the 2.5% average UK rental price increase.
Across the UK, rental prices grew by 2.6% in England, 0.4% in Scotland, while rental prices in Wales remained unchanged year-on-year. If London is excluded from the figures, on average rental prices for the UK rose by 2% during the same 12-month period. Rental prices across all regions in England rose, with the South East recording the highest gains in rental prices, up 3.4% compared to 3.1% in April 2016. London followed closely behind with a gain of 3.3%, followed by the East of England which saw rental prices increase by 3.2%.
The lowest annual rates of rental increase were in the North East and the North West, with gains of just 0.8% and 1.2% respectively. Yorkshire and Humber also saw slow rent increases, up just 1.2%. Rental growth in Scotland has slowed compared to the 12 months prior to June 2015; meanwhile the 0% change in rental prices across Wales means the country continues to perform below England and the UK average.
According to the data released by IPHRP, rental prices have increased across England more than in Wales and Scotland since January 2011. Since January 2012, annual rental prices across England have shown increases of 1.4% and 3% year-on-year.
Are you looking to rent a property in Cardiff? If so, contact CPS Homes today. As one of Cardiff’s largest letting and estate property agents, we can help you find your dream property across the Welsh capital. To speak with one of our friendly lettings team, please contact us today on 02920 668585, email: email@example.com or pop into our office on Woodville Road.