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British residential rent values up by 2.3% in last 12 months

Private rental prices paid by tenants in Great Britain rose by 2.3% in the 12 months to November 2016 and were unchanged compared to October 2016, the latest index shows.

Rents increased by 2.4% in England, by 0.1% in Scotland and by 0.3% in Wales to an average of £511.50, according to the figures published by the Office of National Statistics (ONS).

If London is excluded from the index then rent increased by 2.2% in the rest of the country. In London rent prices increased by 2.4%, down from 2.6% in October 2016.

Rental prices increased in all the English regions year on year with rents increasing the most in the South East with annual growth of 3.4%, followed the East of England up 3.1%,

The lowest annual rental price increases were in the North East with growth of 1.1%, unchanged from October 2016, and the North West up 1.1%, down from 1.3% in October 2016. This was followed by Yorkshire and The Humber up 1.6%, up from 1.5% in October 2016.

The index report also shows that rental prices in England show three distinct periods with rental price increases from January 2005 until February 2009, rental price decreases from July 2009 to February 2010 and increasing rental prices from June 2010 onwards.

When London is excluded, England shows a similar pattern but with slower rental price increases from around the end of 2010.

Since the beginning of 2012, English rental prices have shown annual increases ranging between 1.4% and 3.0% year on year, with November 2016 rental prices being 2.4% higher than November 2015 rental prices. Excluding London, England showed an increase of 2.5% for the same period.

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