The price of renting a property in the UK rose by 2.6 per cent in the year to the end of February, according to the latest data released this week by the Office for National Statistics, showing just how the PRS continues to attract tenants and improve demand year after year.
The data also showed real consistency in the sector for the early part of the year, with the ONS figures indicating that January and February had seen similar yearly increases. This shows a stability in the sector that once again indicates it has real potential for long term growth.
In a breakdown of the ONS data, it was found that England was once again the main driver of the growth in the year-on-year data, with 2.8 per cent growth in the price of renting in the country in the last year. This was compared to 0.2 per cent in Wales and 0.7 per cent in Scotland.
Looking even more closely, London was the best performer year on year, with growth of prices in the capital now hitting 3.8 per cent in February. This was down slightly from the 3.9 per cent annual rise recorded in January, but once again shows consistency in the growth of the PRS for investors.
With London removed, England has seen rental prices increase by 2.1 per cent in the 12 months to the end of February, with the East of England and the south-east both having performed well in this period. They saw annual growth in price of three per cent and 2.9 per cent respectively.
In stark contrast to England, Scotland’s rental market will be somewhat disappointed with the latest data, which indicates a marked fall from the 2.1 per cent annual growth that was in place as of summer last year.
If you wish to speak to one our expert team at Belvoir West Derby please give us a call 0151256088 or email:westderby@belvoir.co.uk
