Today (29 January) The Office for National Statistics announced that:
- Private rental prices paid by tenants in Great Britain rose by 2.5% in the 12 months to December 2015.
- Private rental prices grew by 2.7% in England, 0.9% in Scotland and 0.7% in Wales in the 12 months to December 2015.
- Rental prices increased in all the English regions over the year to December 2015, with rental prices increasing the most in London (3.9%).
Commenting on the statistics, Nigel Howell, FirstPort CEO, said:
“One effect of rising rental prices is that, in popular areas like London where you have a growing number of lifestyle renters and owners, increasing competition will put pressure on landlords and property managers to ensure that property service standards are high. Apartment residents are becoming increasingly discerning in their choices. Recent research we conducted in London and the South East found that residents were more satisfied with their properties if they had access to better services such as parking, a concierge or even a gym. Service standards also impacted upon whether they were likely to select the same developer when they moved on to their next apartment.”
29 January 2016