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Rents still rising but pace of changes has slowed

Rents still rising but pace of changes has slowed
Christina Hoghton
Written By:
Christina Hoghton
Posted:
23/05/2024
Updated:
23/05/2024

Average UK private rents increased by 8.9% in the 12 months to April 2024, according to the Office for National Statistics (ONS).

It has published its latest Price Index of Private Rents (PIPR), which adds that rental inflation is down from 9.2% in the 12 months to March 2024.

Average rents rose to reach £1,293 in England, £730 in Wales and £952 in Scotland in April 2024.

London rents

In England, rental inflation was highest in London (10.8%) and lowest in the North East (5.8%), in the 12 months to April 2024.

In Great Britain, the average rent was highest in Kensington and Chelsea (£3,356) and lowest in Dumfries and Galloway (£477).

Nathan Emerson, CEO of Propertymark, said: “As many people continue to grapple with what has been a very challenging few years financially, the pressure remains for some renters.

“Ultimately, there are a few reasons why rents continue to rise. However, what we are seeing is many landlords who strive to provide high-quality accommodation currently being squeezed out of the sector due to aspects like elevated interest rates and proposed changes to background legislation.

“Therefore, we need to see a much greater focus on ensuring the supply of homes meets current demand levels.”

Related: Tenant demand still strong, say 83% of landlords