British Renters Paying 2.7% More Than Last Year

British renters are paying 2.7% more for their homes than a year ago, official figures show, with tenants in London facing price hikes of 4.1%. The latest data from the Office for National Statistics (ONS) showed rents rose in all British regions in the year to September, and that the pace of change across the country has increased since the start of the year. Increased demand for rental property from priced-out buyers has helped to push up rents, and in some parts of the country a lack of supply means heavy competition among tenants. The ONS does not publish an average rent level, but the increase means that a property rented for £500 a month in September 2014 would now cost a tenant £513.50 a month. Read more on the Guardian website.