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The latest official data shows that record private rents are skyrocketing at nearly three times the pace of the cost of living.
The government’s Office for National Statistics (ONS) latest report shows that inflation for the year ended March 31 2024 was rising by 3.8 per cent.
ONS data for the same period shows tenants are paying 9.2 per cent more for rent now than a year ago - up from 9.0 per cent in February.
Renters in England pay an average of £1,285 monthly, while those in Wales pay £727, and tenants in Scotland pay £947.
The ONS says rents are at their highest since current records began in 2015.
Renters in London are seeing the fastest rent inflation—11.2 per cent in the year to March. The lowest rent inflation is 6.1 per cent in the North East.
The highest rent is charged in the capital’s poshest suburb—an average of £3,305 a month in Kensington and Chelsea—while the cheapest is £475 a month in Dumfries and Galloway, Scotland.
Meanwhile, house prices dropped 0.2 per cent in the year to February, up from falling 1.3 per cent in the 12 months to January.
Average house prices fell in England to £298,000 (-1.1 per cent), decreased to £211,000 (-1.2 per cent) in Wales and increased in Scotland to £188,000 (+5.6 per cent).
The monthly rent report from tenant reference agency Homelet is similar to the ONS data.
Homelet says rents have soared by 7.5 per cent in the year to March, pushing the average rent across the UK to £1,273 a month.
Renters in London are paying an average of £2,012 a month for their homes - an annual increase of 6.2 per cent, the highest rise in the UK.
The lowest rents are an average of £679 a month in the North East, a 6.3 per cent annual increase.
Region | Mar-24 | Feb-24 | Mar-23 | Monthly change | Annual change |
West Midlands | £955 | £951 | £876 | 0.40% | 9.02% |
Scotland | £926 | £913 | £850 | 1.40% | 8.94% |
East Midlands | £885 | £886 | £814 | -0.10% | 8.72% |
Yorkshire & Humberside | £869 | £852 | £804 | 2.00% | 8.08% |
East Of England | £1,224 | £1,215 | £1,138 | 0.70% | 7.56% |
South East | £1,345 | £1,343 | £1,251 | 0.10% | 7.51% |
North West | £1,024 | £1,008 | £956 | 1.60% | 7.11% |
South West | £1,171 | £1,165 | £1,100 | 0.50% | 6.45% |
Greater London | £2,102 | £2,070 | £1,979 | 1.50% | 6.22% |
North East | £679 | £665 | £639 | 2.10% | 6.26% |
Wales | £845 | £848 | £806 | -0.40% | 4.84% |
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UK | £1,273 | £1,262 | £1,184 | 0.90% | 7.52% |
UK excl Greater London | £1,070 | £1,063 | £993 | 0.70% | 7.75% |
Source: Homelet
Property investors can investigate average house prices and rents for any council area with a new online tool from the ONS.
The local house prices tool shows the average house price, average rent and other house-buying data.
Diving deeper into the data reveals a chart of annual rent changes for the area from January 2016 to today, a rent comparison with a neighbouring council and how rent has changed for different property types with varying numbers of bedrooms.