In England, private rental prices have risen by 8.4% over the past eight years between May 2005 and May 2013, according to the latest statistics released by the Office for National Statistics.
During this period private rental prices risen the most in London, up by 11% and the East of England with the increase of 8.3%. The North East and East Midlands saw the smallest increase of 5.2% and 5.3%
In the past 12 months alone average private rental prices have risen in eight of the nine English regions. The biggest private rental price rises were in London at 2.2% and the South East at 1.2% while they declined by 0.1% in the North East.
Amidst May 2012 and May 2013 private rental prices in Britain increased by 1.3%. If London is ruled out then the increase is 0.8%. In England the increase is 1.3%, in Scotland 1%, and in Wales 1.5%.
This means that a property that was rented in May of last year at £500 a month, which saw its rents rise by the average rate would be rented in May of this year for £506.50.
The big weight that London has in the overall index shows its high average rental prices and its large volume of private rented property. All the countries that represent Britain have seen increases in their private rental prices since 2011, which is the first year for a Britain index.
These movements are shown in rises in the rental price levels, with England’s rental prices rising more than those of Scotland and Wales. Between May 2011 and May 2013 rental prices have risen by 2.7% in Britain.
For the same time frame, rental prices rose by 2.8% in England, 2.2% in Scotland and 2.3% in Wales. With the exception of April and May 2013, the annual rate of change in the IPHRP has been higher in England than in Scotland or Wales.
Nevertheless, the annual rate of change has been rising in Wales and Scotland since late 2012. May 2013 is the following period since January 2012 in which the annual rate of change in Wales was higher than in England. The IPHRP series for England starts in 2005. Private rental prices in England show three separate periods. Rental price rises from January 2006 until November 2009, rental price drops from December 2009 to November 2010, and rising rental prices from December 2010 onwards. Of these three periods, 2008 experienced the biggest rental price rises.
When London isn’t included, England represents a similar pattern yet with slower rental price rises.
Since the beginning of 2012 English rental price rises have been secure at around 1.5% year on year. Rental price rises have been stronger in London and the South East than the rest of England since January 2011.
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