The latest government figures on the private rental sector show rents rose 5.5 per cent in the 12 months to August, up from 5.3 per cent in July.
London had the highest annual percentage change in private rental prices in the 12 months to August at 5.9 per cent while the North East and South West saw the lowest at 4.8 per cent.
London's annual percentage change in private rental prices was at its highest annual rate since the London records began in January 2006.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “These rental figures reflect what we’ve been seeing on the ground - that shortage of stock is continuing the upwards pressure on rents at a time when students are adding to tenant numbers.
“The burden of higher mortgage rates as well as tax and regulatory issues are persuading landlords to quit the sector which is not helping keep rents in affordable territory.
“However, we have noticed the difference between the rents charged on new tenancies and those who are renewing existing arrangements as tenants are reaching an affordability ceiling. Landlords recognise the importance of reliable, long-term tenants rather than maximising their returns unless, of course, their costs are getting out of hand.”
And Chris Druce, Senior Research Analyst at Knight Frank, comments: “The data from ONS confirms there’s been no respite for tenants, with average rents continuing their upwards climb.
“With demand comfortably outstripping supply in a sector that is seeing smaller landlords leave the space due to political and cost pressures, we expect this particular story to unfortunately run for some time to come.”
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