31 Oct

Rents continue to rise

Rents continue to rise

Rents within the private sector has increased over the past year, according to official figures.

Data from the Office of National Statistics (ONS) showed rents rose by 2.3 per cent in the 12 months to September.

The price paid by tenants across the whole of the England increased by 2.5 per cent, 0.1 per cent in Wales, while rents fell by 0.1 per cent in Scotland.

Within England, rents rose by 3.5 per cent in the South East – while excluding London the average amount paid by private tenants was up by 2.1 per cent.

Nick Davies, head of residential development at Stirling Ackroyd, explained high demand in London is continuing due to a limited supply of property and this is continuing to impact on other areas.

“While London draws in the some of the world’s brightest students and graduates, it lacks rental homes to accommodate them. With rents already unaffordable for many young people, we are witnessing the rent rises ripple out to the South East as potential tenants are forced to look further afield,” he explained.ADNFCR-1222-ID-801827560-ADNFCR

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