The latest index shows that Private rental prices paid by tenants in the UK rose by 1.1% in the 12 months to February 2019, up from 1.0% in January 2019.
Figures released this morning by the Office of National Statistics show that in England and Wales, private rental prices grew by 1.1%, while in Scotland private rental prices increased by 0.7% in the 12 months to February 2019.
London private rental prices rose by 0.2% in the 12 months to February 2019, up from 0.1% in January 2019.
Co-founder of ideal flatmate, Tom Gatzen, commented:
“Broadly speaking, the annual rate of rental growth across the UK remains at its most palatable for the last three years, however these consistent uplifts, regardless of how marginal, continue to put pressure on the already strained cost of living for tenants across the nation.
Rents remain higher than they were this time last year and so far in 2019, we’ve seen an uplift in the rate of growth which will no doubt continue as we approach the impending ban on tenant fees. As a result, the rental sector continues to strain under the overwhelming demand as many remain unable to make the financial leap to homeownership.
So far a consistent attack on the buy-to-let sector has only exacerbated the issue and with the Government now turning their focus on letting agents, it’s a certainty that we will see lost revenue passed onto tenants under various guises with rents continuing to increase as a result.”