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Property: rent and price increases

Depositphotos 29071923 m-2015 (1)

The past year has seen relatively modest increases in both rents and the average price of properties, according to findings published by Property Wire on the 19th of September.

Quoting the latest figures from the Office for National Statistics (ONS), Property Wire revealed that in the 12 months to August rents had risen by an average of 1.3% in England, 1.2% in Wales and by just 0.9% in Scotland.

Overall, says the report, the increase in rents has slowed since the start of 2016, mainly because of a slowdown of those in London. By the same token, as rents in the capital began to pick up since the beginning of this year, so too has the national average.

The modest increase in rental income, on the other hand, is thrown into starker relief when compared to the very low increase in house prices across England – which have recorded a growth of only 0.7% in the past year, according to a separate report by Property Wire. This sees an annual average growth in house prices in England to July only half of what it was to the previous month.

In some parts of England, prices actually fell during the 12 months to July. In London, for example, average prices fell by 1% on a month by month basis and are currently – at £477,813 – 1.4% less than they were a year ago.

Wales fared much better with average property values increasing by 4.2% and Scotland registered average increases of 1.4%.

Some commentators are suggesting that the market may see some degree of a revival this autumn, when the number of listings traditionally increases by around 20%.