Private rental prices paid by tenants in the UK increased by 2% in the 12 months to January 2022 – representing the sharpest annual growth rate since February 2017.
This is the fastest pace of growth seen since February 2017, the data from the Office for National Statistics (ONS) shows, and means that, since January 2015, rents have shot up by 12.3%.
Excluding London, private rents increased by 3% year-on-year.
Rents in London have increased by just 0.1% annually, reflecting remote working trends as well as an increase in supply, the ONS said.
The East Midlands was identified as the region with the fastest rental growth in January, with gains of 3.6%.
Mike Hardie, head of inflation at the ONS, said: “UK rental prices accelerated at their fastest pace since 2017, with increases across every region in England, including London.”
Read the full article on: Property Industry Eye | FEBRUARY 17, 2022 | MARC DA SILVA
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