Private rental prices paid by tenants in the UK continued to climb in October 2018, as demand for rental homes rose.
According to the Index of Private Housing Rental Prices for October by Office for National Statistics (ONS), private rental prices increased by 0.9 per cent in the 12 months to October 2018, unchanged from the 12 months to September 2018.
In England, private rental prices grew by 0.9 per cent, Wales experienced growth of 0.7 per cent, while in Scotland private rental prices increased by 0.6 per cent in the 12 months to October 2018. London private rental prices moderated in the 12 months to October 2018; unchanged from the 12 months to September 2018, ONS report said.
Rental prices for the UK excluding London increased by 1.4 per cent in the 12 months to October 2018.
Among the English regions, the largest annual rental price increase was in the East Midlands (2.7 per cent), followed by the West Midlands (1.8 per cent), and the East of England (1.8 per cent) in September 2018.
This is an ideal time to invest in a buy-to-let property in the UK, especially London, as rents are consistently growing. Owing to the strong fundamentals of the London property market and the growing demand for private rental homes, rental yields are expected to be higher.
The Index of Private Housing Rental Prices (IPHRP) measures the change in the price tenants face when renting residential property from private landlords