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.