During this period private rental prices increased the most in London, up by 11% and the East of England with growth of 8.3%. The North East and East Midlands saw the least growth at 5.2% and 5.3% respectively.
In the last 12 months alone average private rental prices have increased in eight of the nine English regions. The largest private rental price increases were in London at 2.2% and the South East at 1.2% while they decreased by 0.1% in the North East.
Between May 2012 and May 2013 private rental prices in Britain rose by 1.3%. If London is excluded the rise is 0.8%. In England the rise is 1.3%, in Scotland 1% and in Wales 1.5%.
It means that that a property that was rented for £500 a month in May 2012 which saw its rent increase by the average rate would be rented for £506.50 in May 2013.
The large weight that London has in the overall index reflects its high average rental prices and its large volume of private rented property. All the countries that constitute Britain have experienced rises in their private rental prices since 2011, which is the first year for which a Britain index.
These movements are reflected in increases in the rental price levels, with England rental prices increasing more than those of Scotland and Wales. Between May 2011 and May 2013 rental prices have increased by 2.7% in Britain.
For the same period, rental prices increased by 2.8% in England, 2.2% in Scotland and 2.3% in Wales. With the exception of April and May 2013, the annual rate of change in the IPHRP has been higher in England than in Scotland or Wales.
However, the annual rate of change has been increasing in Wales and Scotland since late 2012. May 2013 is the second consecutive period since January 2012 in which the annual rate of change in Wales was higher than in England. The IPHRP series for England starts in 2005. Private rental prices in England show three distinct periods. Rental price increases from January 2006 until November 2009, rental price decreases from December 2009 to November 2010, and increasing rental prices from December 2010 onwards. Of these three periods, 2008 showed the largest rental price increases.
When London is excluded, England shows a similar pattern but with slower rental price increases.
Since the beginning of 2012 English rental price increases have been stable at around 1.5% year on year. Rental price increases have been stronger in London and the South East than the rest of England since January 2011.
