Supply shortage leads to rise in rental prices

Private rents in the UK rose by the fastest rate in almost three years in September, as the severe housing shortage continued to place upward pressure on rental values across the UK. The latest figures from the Office of National Statistics (ONS) reveal that the cost of renting private accommodation increased by 2.7 per cent in the year to September, the biggest jump since November 2012. The biggest increases in rents were recorded in London, where prices rose by an average of 4.1 per cent year-on-year. “When people say the UK needs more homes, the true meaning is usually that London needs more homes,” said Andrew Bridges, Managing Director of Stirling Ackroyd. The increase in rental prices in the capital was almost half as much as the average rise of 2.8 per cent recorded across the rest of England, and significantly outstripped increases in Scotland of 1.6 per cent and Wales of 0.5 per cent. “For landlords and buy-to-let investors, the story has been one of consistent rental increases, with no notable dip in growth levels since 2014,” said John Goodall (left), CEO and Co-Founder of buy-to-let mortgage lender Landbay. “The big trends pushing up rents are the booming job…

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