Rising prices in the rental market of residential property in the UK

Another report on the dynamics of rent for the residential property market in the UK, this time from the National Bureau of Statistics, published in may.

Rents in the private sector of the UK property grew by 1.8% over the past 12 months through April. The real estate market of England, rents rose 2% in Wales, by 0.7%, while in Scotland remained unchanged. The dynamics of rental rates for the United Kingdom market is different from the traditional, when the London real estate was the engine of growth. Now the change in property prices in London at 1.4 % below the national average and amounts to only 0.3%.

For the period from January 2011 to April 2017, rental growth amounted to 14.6%, however, if to exclude from calculations of London, we see growth rates of 10.5% over the same period.

Now driver of price growth are the South and East of England. The biggest increase in market prices of residential property England, showed the Southeast of England, where prices for the year rose 3.1%. Followed by the East of England with prices rising by 2.7% and the South West with prices rising 2.5%. Growth in the East Midlands by 2.3%, but is less than the growth shown in March at 2.5%.

The least rental prices of real estate grew up in the North-East of England – in April, the growth amounted to 0.7% , almost the same as in March 2017. In the North-West of England rents in April rose 1.3% , also unchanged from March . In London rents have reduced the rate of growth from 1.6% to 1.4. And in Yorkshire and the Humber raised to one hundredth of a percent, from 1.7% to 1.6%.

Helen Entree. 18.05.2017 G.

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