Private rents rise above national trend

Tenants in private rented properties in East Devon saw rents rise above the national average in the 12 months to May.

The Office for National Statistics says prices across the UK as a whole rose by 1.3 per cent in the same period.

Rents in the South West bucked the national average, rising by two per cent.

Growth rates are being tracked on a month-by-month basis by the experimental Index of Private Housing Rental Prices.

The largest price increase for rents was in the East Midlands – 2.1 per cent.

The Index of Private Housing Rental Prices (IPHRP) measures the change in the price tenants face when renting residential property from private landlords – allowing a comparison between the prices tenants are charged in the current month as opposed to the same month in the previous year.

The index not only measures the change in newly-advertised rental prices, but reflects price changes for all private rental properties.

Rents could rise as a result of new legislation that bans ‘unfair’ fees charged by lettings agents.

Tenants can no longer be charged for viewings, credit checks, references, or setting up a tenancy.

About Author