UK - Private Rent - July 2024
Office of National Statistics - 17th July 2024
The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation and given the way in which rents have increased significantly over the last 2 years, it is of paramount importance to see just how rents differ within different parts of the UK.
Average UK private rents increased by 8.6% in the 12 months to June 2024 (provisional estimate), down from 8.7% in the 12 months to May 2024.
Average rents increased to £1,310 (8.6%) in England, £743 (8.2%) in Wales, and £959 (8.4%) in Scotland, in the 12 months to June 2024.
In Northern Ireland, average rents increased by 10.3% in the 12 months to April 2024.
In England, rents inflation was highest in London (9.7%) and lowest in the North East (5.9%), in the 12 months to June 2024.
Average UK house prices increased by 2.2%, to £285,000 in the 12 months to May 2024 (provisional estimate), up from 1.3% (revised estimate) in the 12 months to April 2024.
Average house prices increased in England to £302,000 (2.2%), in Wales to £216,000 (2.4%), and in Scotland to £191,000 (2.5%), in the 12 months to May 2024.
Private Rent and House Prices
Average UK private rents increased by 8.6% in the 12 months to June 2024 (provisional estimate). This was down from 8.7% in the 12 months to May 2024 (revised estimate), and below the record-high annual rise of 9.2% in March 2024.
UK monthly rents estimates for the latest two months, and UK House Prices Index (HPI) estimates for the latest 12 months, are provisional and subject to revision. All statistics are non-seasonally adjusted estimates, unless explicitly stated otherwise.
Average UK house prices increased 2.2% (provisional estimate), to £285,000, in the 12 months to May 2024. This was up from 1.3% in the 12 months to April 2024 (revised estimate), and was the third consecutive month with an annual increase in prices following 8 months of annual falls in prices.
HM Land Registry publishes the full UK House Price Index report and monthly data.
The new local housing statistics tool introduced by the Office of National Statistics, summarises the latest private rents and house price statistics for a local area.
House prices by Country and English Region
The average house price for England was £302,000 in May 2024, up 2.2% (£6,000) from a year earlier. This annual rise was higher than in the 12 months to April 2024 (0.7%).
The average house price for Wales was £216,000 in May 2024, up 2.4% (£5,000) from a year earlier. This annual rise was higher than in the 12 months to April 2024 (1.6%).
The average house price for Scotland was £191,000 in May 2024, up 2.5% (£4,000) from a year earlier. This annual rise was lower than in the 12 months to April 2024 (4.8%).
The average house price for Northern Ireland was £178,000 in Quarter 1 (Jan to Mar) 2024, up 4.0% (£4,000) from Quarter 1 a year earlier.
Private Rents by Country
In June 2024, the average private rent in Great Britain was £1,271 per month. This was £101 (8.6%) higher than 12 months ago.
England
Average rent for England was £1,310 in June 2024, up 8.6% (£104) from a year earlier. This annual rise was little changed from the 12 months to May 2024 (8.6%), but below the recent record high of 9.1% in March 2024.
Wales
Average rent for Wales was £743 in June 2024, up 8.2% (£56) from a year earlier. This annual rise was lower than in the 12 months to May 2024 (8.5%). Wales's annual inflation rate has been generally slowing since the record-high annual rise of 9.8% in November 2023.
Scotland
Average rent for Scotland was £959 in June 2024, up 8.4% (£74) from a year earlier. Scotland's annual inflation rate has been generally slowing since the record-high annual rise of 11.8% in August 2023.
Rising annual inflation between late 2021 and mid-2023, followed by a slight easing, is likely to reflect recent changes for new lets that were not subject to Scotland's previous in-tenancy price-increase cap.
Because of data collection limitations, Scotland rents data (underlying the Price Index of Private Rents's (PIPR's) stock measure) are mainly for advertised new lets, which were not subject to Scotland's in-tenancy price-increase cap and are not subject to temporary changes to the Rent Adjudication system, as described in the Cost of Living (Tenant Protection) Scotland Bill and the Scottish Government's Cost of living: rent and eviction page, respectively. We advise users to bear this in mind when interpreting estimates for Scotland and comparing with other UK countries (see Section 10: Measuring the data).
Northern Ireland
Northern Ireland data are currently available up to April 2024. Average rent in Northern Ireland increased by 10.3% in the 12 months to April 2024. This was little changed from the 12 months to March 2024 (10.3%), and below the record-high annual rise of 10.4% in February 2024.