Private rental prices paid by tenants in Great Britain rose by 1.0% in the 12 months to June 2014 according to the latest data from the Office for National Statistics.
Private rental prices grew by 1.0% in England, 1.1% in Scotland and 0.2% in Wales in the 12 months to June 2014.
Rental prices increased in all the English regions over the year to June 2014, with rental prices increasing the most in London (1.4%).
Richard Murray, sales director at leading property management software firm Eurolink said:
“Low mortgage rates are encouraging investment into buy-to-let property and for those people leaving the family home moving into a rented property doesn’t require a huge deposit and long-term commitments to a mortgage.
“Renting gives flexibility that owning your own home does not give and as long as you pay your rent on time you don’t need to worry about odd-jobs around the house, as your landlord is obliged to fix things that break through wear and tear.
“Our Letting Agent clients are generally oversubscribed with Applicants and stock is the issue so this is a further boost to the buy-to-let market.