Figures published by the Office for National Statistics (ONS) show that private housing rental prices in the North East have increased more slowly than in any other UK region.
According to Housing News:
Between January 2011 and December 2014, average rent in the North East has increased by 2.4 per cent – compared with 15.3 per cent in London, which topped the charts, and 6.3 per cent in Scotland.
Average rent across England rose by 9 per cent and across Wales by 2.5 per cent.
Commenting, Mortages for Business managing director David Whittaker told FT: “Affordability of renting, like the affordability of most things in an unprecedented economic slump, has been squeezed.
“But the culprit hasn’t been excessive rent rises. That’s thanks to the vast investment that landlords are pouring into this industry, supported by a healthy buy-to-let mortgage market.
“More homes to let are keeping rents from rising at an unhealthy pace.”