Propertymark is urging for better alignment of UK-wide rental data, in order to create a more accurate view of PRS activity.
Propertymark has made the argument in a response to a consultation from the Office for National Statistics (ONS) about the introduction of the Price Index of Private Rents (PIPR).
This has been welcomed by Propertymark, but the firm has recommended several key improvements need to be made to ensure data is accurate and representative.
For one, Propertymark is calling for Northern Irish data to be brought in line with England, Scotland and Wales to create a comprehensive view of PRS activity across the UK.
Propertymark has also argued that achieved rents, not advertised rents, should be used in Scotland and Northern Ireland to give a more accurate representation of what tenants are paying.
“We highlight, while recognising, that the biggest barrier to usefulness is the lag between collection and publication,” said Propertymark in its consultation response.
“PIPR figures are often several months old by the time they are released, which means they cannot fully support timely decision-making by agents, landlords, or policymakers.
“We urge ONS to explore ways of accelerating publication, even if only on a provisional basis.”
