UK private rental prices grew 1.3 per cent in the year to July, says new ONS data.
This rate of growth is unchanged since May of this year, the ONS adds, before breaking down the details as follows:
In England, prices paid by tenants increased by 1.4 per cent, in Wales by 1 per cent, and in Scotland, 0.9 per cent.
Within England, the largest rise was seen in the East Midlands, where rental prices grew by 2.1 per cent. The North East housed the lowest growth, at 0.7 per cent, which is however up from June’s growth of 0.5 per cent. Meanwhile, in London private rental prices went up by 0.9 per cent.
UK inflation in the 12 months to July came in at 2.1 per cent when measured through the consumer price index and 2.8 per cent though the retail price index earlier today, meaning that rents fell in real terms.
Residential Landlords Association policy director David Smith says: “Today’s figures show that the market is working. It demonstrates clearly that introducing rent controls linked to inflation, as called for by some, would leave tenants worse off as rents would rise faster than they currently are.”