26 Aug

Rents increase by 2.4 per cent

Rents increase by 2.4 per cent

Private rents have risen by 2.4 per cent over the past 12 months, according to the latest data.

Figures from the Office of National Statistics (ONS) show all English regions saw an increase in the cost of renting, but the largest increase was seen in the South East with tenants having to pay out 3.5 per cent more.

In the capital rents were up by three per cent in the 12 months of July 2016 - unchanged since the year to June.

The increase in rental prices is largely due to ongoing demand, especially as wannabe property owners struggle to save deposits to allow them to step on to the housing ladder.

Richard Connolly, chief executive officer of Rentplus, called for new initiatives to be developed to make it easier for people to own their own homes.

He explained: "The issue of increasing rents is not confined to London with the largest rental price increases in the South East, followed by the East of England, which highlights the fact that housing affordability is firmly a national issue.  The struggles are numerous with aspirant home owners in the current climate also facing rising fuel bills, low salary growth and low interest rates from savings accounts."

Mr Connolly added: "New innovations such as rent to buy models, which allow people to benefit from affordable intermediate rents and make real savings toward a home of their own, ought to be part of an inclusive UK property market which provides secure affordable housing options for all."ADNFCR-1222-ID-801824254-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.