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Release: Index of Private Housing Rental Prices, January to March 2014 results

Released: 25 April 2014 Next edition: 25 July 2014

Contact

Christopher Jenkins

Prices Division

christopher.jenkins@ons.gsi.gov.uk

Telephone: +44 (0)1633 455474

Categories: Economy, Prices, Output and Productivity, Price Indices and Inflation, People and Places, Housing and Households, Housing Market

Frequency of release: Quarterly

Language: English

Geographical coverage: GB

Geographical breakdown: Region

  • Private rental prices paid by tenants in Great Britain rose by 1.0% in the 12 months to March 2014, unchanged from a 1.0% increase in the 12 months to February 2014.

  • Private rental prices grew by 1.0% in England, 1.3% in Scotland and 0.6% in Wales in the 12 months to March 2014.

  • Rental prices increased in all the English regions over the year to March 2014, with rental prices increasing the most in London (1.4%).

The Index of Private Housing Rental Prices (IPHRP) measures the change in price of renting residential property from private landlords. The index is published as a series of price indices covering Great Britain, its constituent countries and the English regions.

IPHRP measures the change in price of renting residential property from private landlords, thereby allowing a comparison between the prices tenants are charged in the current month as opposed to the same month in the previous year. The index does not measure the change in advertised rental prices.

IPHRP is released as an experimental statistic. This is a new official statistic undergoing evaluation and therefore it is recommended that caution is exercised when drawing conclusions from the published data as the index is likely to be further developed. Once the methodology is tested and assessed, and the publication meets user needs, the IPHRP will be assessed against the Code of Practice to achieve National Statistic status. A complete description of the methodology and the sources used is included in the article Index of Private Housing Rental Prices - Historical Series.

The IPHRP is constructed using administrative data. That is, the index makes use of data that is already collected for other purposes in order to estimate rental prices. The sources of private rental prices are Valuation Office Agency (VOA), Scottish Government (SG) and Welsh Government (WG). All three organisations deploy rental officers to collect the price paid for privately rented properties. The sources of expenditure weights are Department for Communities and Local Government (DCLG), Scottish Government, Welsh Government and VOA. DCLG produces estimates of the private rental dwelling stock for England and its regions. Scottish Government and Welsh Government produce estimates of private rental dwelling stock for Scotland and Wales.

New this month

New data for January, February and March 2014 are published this month.

IPHRP User feedback

In January 2014, the Office for National Statistics (ONS) carried out a user engagement exercise to understand how the experimental Index of Private Housing Rental Prices (IPHRP) was received by users since first publication in June 2013. The engagement was carried out via a short questionnaire utilising the Survey Monkey facility, and asked questions regarding how IPHRP is used, perceived limitations and strengths and how users would like to see the index improved. An IPHRP feedback report has been published alongside this statistical bulletin, providing a high-level summary of the feedback received along with an initial ONS response regarding how the feedback will be taken forward.

Data tables

ONS IPHRP quarterly reference table. (161.5 Kb Excel sheet) This reference table provides full historical monthly tables accompanying the Index of Private Housing Rental Prices statistical bulletin. In this release, both tables 1 and 2 have been updated with the latest estimates for January, February and March 2014. 

Content from the Office for National Statistics.
© Crown Copyright applies unless otherwise stated.