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The Knimbies who say No

O N S - Index Of Private Housing Rental Prices

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Here's today's release of a rental series which seeks to capture all rents rather than just new advertised tenancies. It is an experimental series and I thought it might have been discontinued but an update is here:

http://www.ons.gov.uk/ons/rel/hpi/index-of-private-housing-rental-prices/september-to-december-2013-results-and-development-update/iphrp-stb-septodec13.html

PDF:

http://www.ons.gov.uk/ons/dcp171778_349607.pdf

•In the 12 months to December 2013 private rental prices paid by tenants in Great Britain rose by 1.0%, down from a 1.1% increase in the 12 months to November 2013.

•In the 12 months to December 2013 private rental prices grew by 1.0% in England, 1.3% in Scotland and 1.2% in Wales.

•In the 12 months to December 2013 rental prices increased in all the English regions, with rental prices paid increasing the most in London (1.6%) and the South East (1.0%).

Useful tonic for the usual VI based indices. The English regional indices (Figs 7&9 in the pdf) show most areas flat and London dragging things up a bit (although London rents are reportedly only 1.6% up over the last 12 months).

My own region (NW) is showing a 0.3% rise over 12 months, which to most people would mean a rise of well under £3/month. Of course, it would still be sufficient to eat the 0.1% real rise in take home being touted today...

Note the ONS are looking for views on how to improve this index from users, comments to be received by late Feb:

http://www.ons.gov.uk/ons/rel/hpi/index-of-private-housing-rental-prices/september-to-december-2013-results-and-development-update/index.html

It would be good to have a rental index which is free from VIs, in as much as the ONS is.

Previous thread for the September release:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=193488&st=15

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Here's today's release of a rental series which seeks to capture all rents rather than just new advertised tenancies. It is an experimental series and I thought it might have been discontinued but an update is here:

http://www.ons.gov.uk/ons/rel/hpi/index-of-private-housing-rental-prices/september-to-december-2013-results-and-development-update/iphrp-stb-septodec13.html

PDF:

http://www.ons.gov.uk/ons/dcp171778_349607.pdf

Useful tonic for the usual VI based indices. The English regional indices (Figs 7&9 in the pdf) show most areas flat and London dragging things up a bit (although London rents are reportedly only 1.6% up over the last 12 months).

My own region (NW) is showing a 0.3% rise over 12 months, which to most people would mean a rise of well under £3/month. Of course, it would still be sufficient to eat the 0.1% real rise in take home being touted today...

Note the ONS are looking for views on how to improve this index from users, comments to be received by late Feb:

http://www.ons.gov.uk/ons/rel/hpi/index-of-private-housing-rental-prices/september-to-december-2013-results-and-development-update/index.html

It would be good to have a rental index which is free from VIs, in as much as the ONS is.

Previous thread for the September release:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=193488&st=15

Yet another deflation busting major item of expenditure to add to the biggest one of all petrol. And we don't believe 2% CPI !!!!!!!!!!!!!!!!!!!!!

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Yet another deflation busting major item of expenditure to add to the biggest one of all petrol. And we don't believe 2% CPI !!!!!!!!!!!!!!!!!!!!!

Some of us do. ;)

Highly reassuring, in fact. Seems to confirm that UK house prices have gone nowhere nationally in spite of Osborne's tireless ramping efforts.

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Some of us do. ;)

Highly reassuring, in fact. Seems to confirm that UK house prices have gone nowhere nationally in spite of Osborne's tireless ramping efforts.

Hmm, I wonder where prices and rents would be now if they didn't have that sponsored rampathon last year.

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Bumping this thread as the latest update is now available, covering rents up to March. The theme of sub 1% growth y-o-y in many areas is unchanged and indeed remains under pressure. Looking at the 12 month changes in the spreadsheet, rental growth is in most areas dropping, notably London where the rate of increase has slowed from around 2.5% at the start of 2013 to under 1.5% today.

I can't seem to cut and paste into the forum anymore so perhaps interested parties could follow the previous links and go to the ONS's main 'Publications' page- the latest update to this series is currently at the top.

The index in the tables is rebased such that Jan 2011 = 100, and my region (NW) as of March 2014 has an index of 101.6, and if anything the rate of growth has slowed in the last 12 months.

Perhaps an inevitable consequence of an increase in people renting out homes.

Edited by The Knimbies who say no

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Latest edition out today, covering rents in the year up to end September 2014:

PDF summary:

http://www.ons.gov.uk/ons/rel/hpi/index-of-private-housing-rental-prices/august-to-september-2014-results/iphrp-stb-julto-sep14.html

Spreadsheet:

http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-368130

Sub 1% y-o-y growth in most regions. The NW shows 0.3% growth y-o-y, and 6.3% nominal growth in the 117 months of data available back to Jan 2005.

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Sub 1% y-o-y growth in most regions. The NW shows 0.3% growth y-o-y, and 6.3% nominal growth in the 117 months of data available back to Jan 2005.

So just about tracking wage inflation then

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So private rents in 9 and 3/4 years have increased by between 6% and 10% for the UK - except in London there they have stormed ahead by almost 14% (about 1 1/2% per year).

Personally - privately rented for 3 years - no increase in rent - if anything I could get a reduction.

£480/month for a smashing 2 bed apartment.

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So private rents in 9 and 3/4 years have increased by between 6% and 10% for the UK - except in London there they have stormed ahead by almost 14% (about 1 1/2% per year).

Personally - privately rented for 3 years - no increase in rent - if anything I could get a reduction.

£480/month for a smashing 2 bed apartment.

You only pay a little bit more than my mortgage and I own two thirds of my house.

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So private rents in 9 and 3/4 years have increased by between 6% and 10% for the UK - except in London there they have stormed ahead by almost 14% (about 1 1/2% per year).

Personally - privately rented for 3 years - no increase in rent - if anything I could get a reduction.

£480/month for a smashing 2 bed apartment.

Over the same period as mortgage interest has collapsed to near-zero.

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I know of people who are borrowing for mortages with interest rates not much lower than a few years ago.

My first mortgage was 4.54% (BR = 4.5% at the time) and a friend recently borrowed to buy a place at 4.59% - the only difference being that prices (this is Aberdeen) have in the last 8 years doubled!

So mortgage interest (for some) has collapsed - but it still doesn't mean buying is a good deal.

The rent I pay includes the following costs which I don't have to worry about

Factoring = £30 per month

Insurance = ~£10 per month

Agency fees = £50 per month?

Mortgage = £XX per month?

Repairs and maintenance = £XX per month?

I don't see how buying makes great sense when renting is a good choice

(although renting can be dodgy - but a good landlord is better than a bad mortgage)

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