Rents continue to rise across the UK

Latest data from the Office of National Statistics (ONS) has found that the average UK private rents increased by 8.6% in the 12 months to July 2024 (provisional estimate), unchanged from in the 12 months to June 2024.

Average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland, in the 12 months to July 2024. In Northern Ireland, average rents increased by 10.0% in the 12 months to May 2024.

In England, rents inflation was highest in London (9.7%) and lowest in the North East (6.1%), in the 12 months to July 2024.

Meanwhile, average house prices increased by 2.7%, to £288,000, in the 12 months to June 2024 (provisional estimate); this annual growth is unchanged from the revised estimate for the 12 months to May 2024.

Average house prices increased in England to £305,000 (2.4%), in Wales to £216,000 (1.8%), and in Scotland to £192,000 (4.3%), in the 12 months to June 2024.