In touch with the private rented sector
VOA Rent Officers speak to thousands of letting agents and landlords in the course of day-to-day work for their statutory functions. The lettings information is collected from a wide variety of sources, from an individual landlord with a single property to a large investment landlord, or small local letting agent / management company, to a large national group or franchise, and everything in between. It is provided on a purely goodwill basis and contributes to a database of around half a million achieved market rents.
This forms the basis for all statutory rent officer valuations for housing benefit and fair rent casework, Local Housing Allowance (LHA) rates, official Private Rental Market Statistics (PRMS), and supports the Office for National Statistics (ONS) national inflation indices (RPI, CPI, CPIH) and rental price index (the Index of Private Housing Rental Prices, IPHRP).
Half a million rents
The latest official PRMS published by the VOA in June 2019, are based on almost 505,000 private sector achieved rents for the 12 months to the end of March 2019. The statistics are broken down by a number of bedroom categories (from individual room lettings to 4 or more bedroom rented properties) for each Local Authority in England.
We also publish a series of regional maps to accompany the PRMS, which illustrate the median statistics by region and bedroom category.
The complete set of statistics, maps, and a summary document can all be found on GOV.UK:
ONS are taking over the production and publication of the PRMS, with the first release scheduled for publication on 12 December 2019.
Working with the Office for National Statistics
The Index of Private Housing Rental Prices (IPHRP) measures the change in the price tenants pay when renting residential property in the private sector, allowing comparison between the current month and the same month in the previous year. The index includes all private rental properties not just new lettings.
The latest index for October 2019 and previous releases can be found on the ONS website:
Private rental market plays key part in new headline measure of inflation from March 2017
The Consumer Price Index H (CPIH) became the preferred measure of consumer price inflation from March 2017. It differs from the CPI as it includes the cost of owning, maintaining and living in one’s home. This element is known as the owner-occupiers’ housing cost (OOH). OOH is calculated using private rental statistical data from the VOA. Weighted, it accounts for around 20% of the measure.
Find out more about the CPIH on GOV.UK:
Since the passing of the Digital Economy Act 2017, the ONS and the VOA have been working together to agree better access to the VOA private rental microdata. This will enable improved assurance of the data used in the construction of the IPHRP and the owner occupiers’ housing component of CPIH.
In addition this will allow ONS to consider future developments to rental statistics to better meet user needs, with the aim to re-develop the IPHRP and PRMS, and produce mix-adjusted average rental prices that are comparable over time periods and between lower geographic levels.
Come & talk to us today
Official statistics support research, policy making and even commercial use under the Open Government Licence. We are delighted to have a stand again this year at The Negotiator Conference 2019. Please take the opportunity to visit us on stand 28 today to talk to one of our team and learn more about this important collaboration.
Alternatively visit our website www.voa.gov.uk, or call us on 03000 502502