Rents and House Prices Still Rising Across the UK

Buy to let rents increased by 1.5% across the country in the year to the end of January, according to the latest official data.

The annual rise was slightly up from 1.4% in December, says the Office for National Statistics.

Across the UK, rents in England rents rose by 1.5%, landlords in Wales saw a 1.3% increase, while those in Scotland had a rise of 0.6%.

The latest figures show rents have steadily increased since November 2018, in line with higher rents charged by landlords in London.

Since records started in January 2015, UK rents have posted an 8.6% increase.

The largest annual rent increase to January 2020 was in the South West at 2.3%, up from 2.2% in December 2019. This was followed by the East Midlands at 2.2%.

The lowest annual rent growth was in the North East, where prices increased by 0.6% in the 12 months to January 2020, followed by the North West, which increased by 1.1%.

A separate ONS house prices survey for 2019 showed the weakest growth in property values since 2013.

“All regions in England experienced a slowdown between 2018 and 2019, but this weakening growth was more evident in London and the South East of England with house prices falling over the year in 2019,” said the report.

However, average house prices are still rising – reaching a peak of £235,000 in December – an increase of £5,000 over a year.

The highest increase in value was in Yorkshire and the Humber (3,9%), followed by the East Midlands (2.8%).

The regions with the least property price growth were the South East (1.2%) and the West Midlands (1.4%).

UK annual house price growth 2013 – 2019

Source: ONS