Private rental prices see highest annual increase since January 2016
By Jodie BradleyPrivate rental prices paid by tenants in the UK rose by 5.5% in the 12 months to August 2023, according to the latest ONS rental price index — the largest annual percentage change since January 2016.
Section: Most Read
The level of increase wholly depends on location, as England saw a 5.4% increase, while private rental prices went up by 6% in Scotland and 6.5% in Wales.
Within England, London had the highest annual percentage change in private rental prices in the 12 months to August 2023 at 5.9% — this was also London’s highest rate since January 2006, when the data series began.
Meanwhile, the North East and South West saw the lowest increase (4.8%).
This comes alongside news that the Consumer Price Index (CPI) has dropped to 6.7% in the 12 months to August 2023, down from 6.8% in July.
The CPI including owner occupiers' housing costs (CPIH) also dropped slightly to 6.3% compared to 6.4% in July.
Keywords: ONS, PRS, GreenResi, Anna Clare Harper, Jeremy Leaf, RICS, mortgage rates, inflation, landlords, portfolio, rental prices, private housing