Private rental prices paid by tenants in the UK increased by 1.2% in the 12 months to March 2019, up from 1.1% a month earlier, according to the data from the Office for National Statistics (ONS).
In England, private rental prices grew by 1.2%, Wales experienced growth of 1.1%, while in Scotland private rental prices increased by 0.7% in the 12 months to January 2019.
London private rental prices rose by 0.5% in the 12 months to March 2019, up from 0.2% a month earlier.
Recent growth in rents points to a resilient private rented sector in contrast to a subdued sales market.
Reflecting on the latest rental data, Tom Mundy, COO and co-founder of Goodlord, said: “Private rental growth statistics make for interesting reading. Given the sluggish state of property prices, it’s not surprising that we’ve seen a modest increase in rental costs throughout 2019 so far, particularly in London. It’s undoubtedly good for landlords, as well as positive for letting agents.
“With tenant fees soon to be abolished and new restrictions around evictions coming into force, we’re likely to see growing renter confidence and an increased appetite to shop around for a better deal or a new property.”