ONS: UK private rental prices up 1.5% year-on-year


17/07/2020
by: Mary-Anne Bowring/Mortgage Introducer

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Private rental prices paid by tenants in the UK increased by 1.5% in the 12 months to June 2020, unchanged since April 2020, according to the Office for National Statistics (ONS).

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. Rental growth started to pick up since the end of 2018, driven by strengthening growth in London, but remained broadly flat since November 2019. Mary-Anne Bowring, group managing director at Ringley, said: “Today’s ONS figures highlight the resilience of the UK rental market, with steady rental growth across the board despite a turbulent period due to the Coronavirus pandemic.

“While the ONS stats show more subdued growth than other indices, all regions recorded positive growth throughout June. “London in particular, recorded steady rental growth, demonstrating the robust nature of the capital’s rental market. “For institutional investors such as pension funds and insurers looking to enter the UK rental market in search of steady income streams to match their liabilities, today’s figures are good news. “Similarly, for buy-to-let landlords, it shows there is money to still be made in rental property, despite facing a tougher regulatory and tax environment.”

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