With the current issues plaguing the housing industry in London lately, another side has spoken up to alleviate concerns for those looking for London flats for rent long term, with counter arguments to the common news of rent rising.
The London’s Office for National Statistics (ONS), said that rental price inflation across the country remained flat for the fourth consecutive month this July.
The ONS’s index stated that the private housing rental prices in the country showed that rent prices rose by 1.8% in the year preceding July 2017. The ONS didn’t provide any specific details or data, but the index did, in fact, showed some regional differences.
East Midlands recorded the highest largest annual rental price increase in the country, with an rents increasing by 2.8%, up from last year’s increase of 2.6%. Following East Midlands is the South-East Region, which, for those looking for London flats for rent long term, is not a good thing to hear. Oddly, though, the blow is softened by the fact that the region actually recorded a decrease in rental price inflation for they year, which dropped a little, from 2.6% to 2.8%.
The North-East region recorded this year’s lowest annual rental price increases, which stays calmly at .5%, which hasn’t changed since June.
Annual growth in private rent prices in the capital sat at 1.5% in the 12 months leading up to July of 2017.
According to Andrew Benn, Spicerheart’s Managing Director of Lettings, these regional differences come about from classic supply in demand, as the number of new tenants have been rising recently, into the highest recorded number since the year’s start.
The data present by ONS is supported by data from the UK real estate agency Belvoir, which research shows similar data.
According to Belvoir, the average rents in the country rose 2.75% annually during 2017’s second quarter to £751. This data also shows rent ranging from £597 in the north-west, and £665 in Yorkshire, whilst the South-East and London had averages sitting at £1,048 and £1,446 respectively.
Additionally the agency’s data showed a mix of reports, with prices both rising and falling in the country.