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Tenants see rents rise by 2.3%, ONS says

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The cost of renting a home in Britain rose faster than the overall cost of living in the past year, official figures indicate.

Private rental prices increased by 2.3% in the year to September, the Office for National Statistics (ONS) said.

This was a faster rate than the change in the cost of living as recorded by inflation - which was 1% over the same period.

The rising level of rents was driven by the South East of England.

Typical rents grew by 3.5% in the region - the fastest in any area, ahead of a 3% rise in the East of England.

Private rental prices grew by 2.5% on average in England and rose by 0,1% in Wales, but they fell by 0.1% in Scotland.

On average, rents have been rising at a slower rate than house prices.

"Residential house price growth in Britain has typically been stronger than rental price growth, with an average 12-month rate of house price inflation between January 2014 and August 2016 of 7.3%, compared with 2.1% for rental prices," the ONS said.


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