Private rent growth falls marginally to 8.6%

Average UK private rents have increased by 8.6% in the 12 months to June 2024 (provisional estimate), down from 8.7% in May, revealed the latest statistics from ONS.

Summary

According to ONS, 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, rent inflation continued to be the highest in London (10.1%) — reaching £2,098 in June — and lowest in the North East (5.9%), averaging £669.

The latest ONS data also showed a 2.2% rise in average UK house prices in May this year to £285,000, up from 1.3% 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.

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Private rent growth falls marginally to 8.6%

Average UK private rents have increased by 8.6% in the 12 months to June 2024 (provisional estimate), down from 8.7% in May, revealed the latest statistics from ONS.
Over 1 year ago

'The rental sector urgently needs investment to keep pace with demand'

Nathan Emerson, CEO at Propertymark:

“There has been much insecurity across the rental market over recent years due to aspects such as uncertainty surrounding the Renters Reform Bill, increases in taxes, and a lack of clarity regarding regulation. 

“In real terms, this anxiety has impacted new investment and, in extreme cases, has even prompted landlords to leave the sector, further compounding the issue surrounding available housing stock.

“The rental sector urgently needs investment to keep pace with demand, and Propertymark is keen to see the UK Government closely review all elements and generate new legislation that promotes investment, but above all, provides full fairness to both landlords and tenants alike.”

Summary

According to ONS, 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, rent inflation continued to be the highest in London (10.1%) — reaching £2,098 in June — and lowest in the North East (5.9%), averaging £669.

The latest ONS data also showed a 2.2% rise in average UK house prices in May this year to £285,000, up from 1.3% 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.

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