LONDON (Reuters) -The average rent for residential properties in England rose at their fastest annual pace on record, according to official figures on Wednesday that also showed an increase in house prices. Private sector rents in England rose by 9.3% to an average of 1,362 pounds ($1,727.97) in the 12 months to November, the strongest […]
LONDON (Reuters) -The average rent for residential properties in England rose at their fastest annual pace on record, according to official figures on Wednesday that also showed an increase in house prices.
Private sector rents in England rose by 9.3% to an average of 1,362 pounds ($1,727.97) in the 12 months to November, the strongest increase in records dating back to 2015, the Office for National Statistics said.
The rise in rents was lead by an 11.6% leap in London.
Annual rents across the whole of the United Kingdom were 9.1% higher than a year earlier.
British house prices rose by 3.4% on an annual basis in October, faster than a downwardly revised 2.8% increase in September, the ONS said.
Other recent measures of the housing market have shown the fastest annual increase in house prices in two years.
Rents have also increased as demand far outweighs the available number of homes – something the new Labour government is seeking to tackle by speeding up planning approvals for construction of new properties.
($1 = 0.7882 pounds)
(Reporting by Suban AbdullaEditing by William Schomberg)
