In the 12 months leading up to November 2024, the UK has experienced a significant surge in private rental prices, with an average increase of 9.1%. This escalation brought the average monthly rent to £1,319, marking a substantial rise from the previous year.
England witnessed a 9.3% uptick, bringing the average rent to £1,362. Wales saw an 8.0% increase, reaching £772, while Scotland experienced a 6.5% rise, with average rents hitting £980. In Northern Ireland, data up to September 2024 indicated a 9.0% increase in average rents.
London stood out with the highest regional rent inflation in England, recording an 11.6% increase—the fastest annual pace since records began in 2006. This surge elevated the average monthly rent in the capital to over £2,200. In contrast, Yorkshire and The Humber experienced the most modest growth, with a 5.7% rise in the same period.
Several factors contributed to this rapid escalation in rental prices. A significant shortage of available rental properties, combined with robust tenant demand, created a competitive market. Landlords, facing increased costs, often passed these expenses onto tenants. Additionally, many prospective homebuyers, deterred by higher mortgage rates, remained in the rental market, further intensifying demand.
