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Cost of renting privately increases

Cost of renting privately increases

Category: Buy To Let

Updated: 26/06/2013
First Published: 26/06/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Private rental prices across the UK increased by 1.3% in the twelve months to May 2013, according to new data released by the Office for National Statistics (ONS).

Tenants in Wales experienced the largest rise in rental payments, with prices increasing by 1.5% compared with 1.3% in England and 1% in Scotland. May marked the second successive period since January 2012 in which price increases in Wales were reported as being higher than in England.

Despite a rise in the cost of privately renting a home in England, the rates at which increases have occurred appear to have remained stable since the first quarter of 2012.

Unsurprisingly, London emerged yet again as the most expensive region in the UK to rent a home, with tenants seeing their average rents go up by 2.2% between May 2012 and May 2013.

Additional figures released earlier this month by LSL Property Services revealed the average cost of renting a home in the capital now stands at £1,106 per month, the highest level ever recorded and reflecting a 7.9% increase since May 2012.

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