Office for National Statistics Releases Rental Price Index

The feeling at Let-Leeds at the near-constant barrage of misleading figures presented by various rental price indices has been of frustration. An accurate representation of average rents in England and Wales is hard to come by, but it seems that the Office for National Statistics has come closest to cracking it.

Their latest Index of Private Housing Rental Prices, September to December 2013, shows what Let-Leeds have been saying all along – that private rental prices have been falling in real terms.

They found that private rental prices paid by tenants in Great Britain in the 12 months to December rose by 1.0%, decreasing from 1.1% in the 12 months from November. Rents grew by the least in England, at just a 1.0% increase, compared to 1.3% for Scotland and 1.2% for Wales.

All regions of England saw increases in the 12 months from December 2012, although, removing London (1.6%) from the data reduces the average to 0.6%. The average for Yorkshire and the Humber was below the national average, at 0.5%.

According to the ONS, the rate of inflation fell to 2.0% in December 2013, but as you can see, the rental increases are still below the rate of inflation. This may go some way to explaining how it is that rents are at a record high, yet, according to ARLA, the number of struggling tenants has fallen to a record low.

Let Leeds is a professional letting agency dedicated to making moving simple. We believe in making it easy for tenants to move into their new homes quickly and affordably, with a growing portfolio of quality accommodation for both students and professionals. Give us a call on 0113 244 5669 for more information or to book a viewing.

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