Statistics released by the office for National Statistics (ONS) shows rental costs across the UK rose by 1 per cent in the 12 months to September, reports the BBC.
The rise is less marked than the overall cost of living.
The article shows England saw a rise of 1 per cent, Wales 0.2 per cent and Scotland 1.4 per cent. North West England saw a rise of 0.3 per cent.
Perhaps unsurprisingly, rises were led by London where an increase of 1.5 per cent was recorded.
Demand among house-hunters for new properties has gone up alongside rents. More activity has been recorded in the housing market over the last 12 months, although some surveys and sets of statistics suggest there has been a general cooling of the market recently.
The BBC report cites Jeremy Leaf, an Estate Agent and surveyor in London as believing many would-be buyers are renting instead, since buying is prohibitively expensive.
Buoyant Rental Market
While rent rises may be lagging behind the cost of living, rented housing remains the only viable accommodation option for many would-be house buyers, suggesting that the operating environment for rental landlords is likely to remain healthy for some time.
The lucrative let property sector continues to attract new investors, but care should be taken when buying a property to let: It is important to ensure there are sufficient high quality tenants in a target area, and that all costs are taken into account including property insurance. Naturally, any property used for letting should be protected with the correct type of let property insurance so why not get a let property insurance quote online from Click4quote.com today and see how we can help protect your property investment.