Rent rises soar above wages

A survey of UK private sector rents show that over the past 12 months they have risen by an average of 7.5% across the UK as compared with a rise of just 1.7% in average earnings, says the Daily Mail. Even though the national average is pushed up by London (+9.4%) and East Anglia (+10.7%), only Northern Ireland and the North West of England showed a decline in rents.

UK house building remains well below the level needed to satisfy demand, and rising house prices and rents are the inevitable result. But if these trends continue, politicians will be forced to take more decisive steps to accelerate construction.