The average rent for residential properties in England surged at the fastest annual rate on record, according to official data released on Wednesday, which also highlighted a rise in house
prices.
Private sector rents in England increased by 9.3% over the 12 months leading to November, reaching an average of £1,362 ($1,727.97), the sharpest growth since records began in 2015, as reported by the Office for National Statistics (ONS).
London led the rise, with rental prices in the capital jumping by 11.6% year-on-year.
Across the entire United Kingdom, annual rents were up by 9.1% compared to the previous year.
In addition to soaring rents, British house prices also experienced growth, with a 3.4% annual increase recorded in October. This was an acceleration from the downwardly revised 2.8% rise observed in September, according to the ONS.
Other recent analyses of the housing market have similarly pointed to the fastest annual increase in house prices in two years.
The surge in rental costs can be attributed to a mismatch between supply and demand, with demand for housing significantly outstripping the number of available properties. Addressing this imbalance is a priority for the new Labour government, which has pledged to accelerate planning approvals to boost the construction of new homes.