National politics

#CostofCameron 2: Rents up £960 a year

Rents graphicWho knows where this factoid came from? It is £80 a month. Is it the increase in average rents since the election? I have searched for this and I can’t find it anywhere. Maybe someone from the Labour party will tell us their source for this? It is almost certainly nonsense. Most of what is talked about rents is estate agents trying to talk up their market – and by definition nonsense.

Rents index

The ONS is developing a new Index of Private Housing Rental Prices. They calculate this by asking actual tenants what they pay. They have figures going back to the start of 2005 that show that rents in England have increased steadily except for a short pause in 2009 & 2010 caused by Labour’s 7.2% single dip recession in 2008. Yes rents are going up. Does it look any different to the late noughties under Labour? No. Indeed rents are probably going up slower outside London than they were under Labour. Rents would be pushed way higher if we lost control of interest rates.