The cost of renting a buy to let home rose by 1.1% in the 12 months to the end of February.
In financial terms, rents across the country were up £5 in a year in England and Wales, but only £3.20 in Scotland (+0.7%).
Rents for the UK excluding London increased by 1.5% in the 12 months to February 2019, unchanged from January 2019.
London rents increased by 0.2% in the 12 months to February 2019; up from 0.1% in January 2019.
“Growth in private rental prices paid by tenants in the UK has generally slowed since the beginning of 2016, driven mainly by a slowdown in London over the same period,” said the report from the Office for National Statistics (ONS).
The increases come after UK rents hit 0.9% year-on-year increases between July and November last year, the lowest level since January 2012, when the ONS started collecting rent price data.
Despite fluctuations, since January 2015, landlords have seen rents across the country have increased by 7.2%.
The data also shows rents in England have increased more than in the rest of the country.
“Private rents in Wales grew by 1.1% in the 12 months to February 2019, up from an increase of 0.9% in January 2019. Annual rents in Wales have strengthened since October 2018,2 said the ONS.
“In England, private rents grew by 1.1% year-on-year, unchanged since December 2018. When London is excluded from the English data, rents increased by 1.6% in the 12 months to February 2019.”
The ONS Index of Private Housing Rental Prices (IPHRP) reflects rent changes for all private rented homes, rather than newly-advertised rents posted by property and tenant referencing indices.
Buy to let rents by country – January 2015 to February 2019
Source: ONS IPHRP