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May 3

2019
by Millie Wickens
Buy to let rents up just £6 a month in a year

Buy to let rents have climbed just 1.2 per cent in the year to the end of February, according to the latest data from the Office for National Statistics (ONS).

The rise means tenants are paying an extra £6 a month on a monthly rent of £500.

The figure is marginally up from the 1.1 per cent annual rise reported in January.

Breaking the figures down by country, rents in England led the way with a 1.2 per cent increase, followed by Wales showing a 1.1 per cent rise, but Scotland lagged with a 0.7 per cent change for the second month in a row.

Tenants in London saw rents up 0.5 per cent over the year – up from 0.3 per cent  year-on-year in January, said the ONS Index of Private Rental House Prices.

The increase marked the largest annual rent rise for landlords in the capital since November 2017, and may mark a resurgence in rent increases as supply of property balances against demand from tenants.

The region with the largest annual rent rise was the East Midlands, with a 2.3 per cent increase, followed by Yorkshire & The Humber (1.8 per cent) and the South west (1.7 per cent).

The smallest rise was in the North East, which posted 0.3 per cent for the second month in a row.

“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,” says the ONS Index of Private Rental House Prices for March 2019.

“Weaker growth in Scotland since 2016 may be due to stronger supply and weaker demand.”

Rent changes in England: March 2018 – March 2019

Source: ONS

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