UK residential rents up by 2.3 per cent

Rent prices in the UK increased by 2.3% in the 12 months to October 2016 but there are regional differences and rates have fallen in Scotland. The index data from the Office of National Statistics shows that rent increased by 2.5% in England and by 0.4% in Wales but fell by 0.2% in Scotland. The ONS index report points out that the annual rate of change in Wales continues to be well below that of England and the Great Britain average but has recovered from a low of negative 0.1% in the year to June 2016. Rental growth in Scotland fell by 0.2% in the 12 months to October 2016 from a high of 2.1% in the year to June 2015. Rental prices increased in all the English regions year on year with the South East seeing the highest rental growth 3.4%. When London is excluded rents increased by 2.2% but this was down from 3.5% in September. The lowest annual rental price increases in England were in the North East at 1.1% but this was up from 1% in September, followed by the North West with growth of 1.3%, unchanged month on month and Yorkshire and The Humber up 1.5%, also unchanged from September. Since the beginning of 2012, English rental prices have shown annual increases ranging between 1.4% and 3% year on year, the data also shows.