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Rent in England hits record high in 12 months to November, ONS says
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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.
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)
The rental market refers to the sector of the economy where residential properties are leased to tenants. It includes various factors such as rental prices, demand, and supply of rental properties.
House prices are the monetary values assigned to residential properties in the market. They can fluctuate based on demand, location, economic conditions, and other factors affecting the real estate market.
The Office for National Statistics (ONS) is the UK's largest independent producer of official statistics. It provides essential data on various aspects of the economy, including housing, employment, and population.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is often measured by the Consumer Price Index (CPI) or the Retail Price Index (RPI).
Demand in economics refers to the consumer's desire and ability to purchase goods and services at various prices. It is a key factor that influences market prices and economic activity.
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