GovWire

Letting agents, management companies, private landlords, and the lettings industry voluntarily contribute around half a million private residential rent data to VOA Rent Officers. The primary use is Local Housing Allowance and Universal Credit, and as a basis for their Rent Act 1977 Fair Rent valuations. What is less well known is the important re-use of the data by the Office for National Statistics. Here we set out the ONS publications and official statistics which benefit from this unique collaborative relationship between the Private Rented Sector and government:

Official Rental Price Statistics

• the latest Private rental market summary statistics in England Statistical bulletins - Office for National Statistics

Rental Price Change Statistics

• The latest monthly Index of Private Housing Rental Prices (IPHRP) based on VOA rental data for England, is released by ONS around the middle of each month, along with the national inflation indices.

Private rental growth measures, a UK comparison

• The latest Private rental growth measures report compares growth in the Index of Private Housing Rental Prices (IPHRP) with other measures of private rental growth, from January to December 2022.
• Superficially, there can be considerable difference between the Office for National Statistics (ONS) measures of rents (IPHRP, OOH and the private rental market summary statistics (PRMS)) and comparable indicators from the private sector.
• However, once adjustments are made for differences in what the indices are measuring, the ONS measures of rents are more closely aligned with the other sources of rental prices.
• We have shown the wide range of sources available for rental data and highlighted the extent of their similarities and differences. Differences can be explained, providing confidence that the IPHRP is a robust measure of UK consumer price statistics.

Rental Statistics Development

• On 24 March 2023 ONS published experimental longitudinal analysis of observed recent changes in the abundance and magnitude of private rental price changes in England from Feb 2022 to Feb 2023. Changes in private rental sector behaviour, England - Office for National Statistics
• ONS are re-developing the IPHRP and PRMS to produce mix-adjusted average rental prices comparable over time and down to lower geographic levels. The Private rental prices development plan was updated in February 2022.
• ONS envisage a new, single, monthly publication that provides a more detailed insight into the rental market.
• The new rental statistics will provide:
  • a monthly publication covering the UK, Wales, Scotland, Northern Ireland, the English regions, and local authorities;
  • an index of private rental price growth over time;
  • annual percentage change in price over time;
  • the average private rental price over time; and
  • a breakdown of private rental price by geography and bedroom category (studio, one bedroom, two bedrooms, three bedrooms, and four or more bedrooms)

Inflation Measures

• UK inflation indices are released around the middle of each month. They include VOA rental data in the basket of goods.
• Consumer Prices Index including owner occupiers housing costs (CPIH), the most comprehensive & ONS lead measure of inflation. It was introduced in March 2013.g
• Consumer Prices index (CPI) - covers a number of items excluded from the RPI. In the last 15 to 20 years there has been a shift towards using the CPI in preference to using the RPI for a number of uses, including; uprating of government pensions and some benefits which changed in 2011.
• Retail Prices Index (RPI) - as a legacy measure to meet existing user needs. The RPI is the longest-standing measure of inflation in the UK. It is no longer a National Statistic due to its methodology not meeting international standards. The RPI is still used in some index-linked gilts.

Historical PRMS prior to 2019

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