Private rent and house prices – UK: March 2024

The Office for National Statistics (ONS) has released the latest data on the Price Index of Private Rents (PIPR) and the UK House Price Index, providing insights into trends in private rent and house prices across the UK. Here are the main points from the report:

  1. Average private rents in the UK increased by 9.0% in the 12 months leading up to February 2024, showing a rise compared to the previous 12 months.
  2. Across the regions of the UK, average monthly rents in the 12 months to February 2024 rose to £1,276 in England (an increase of 8.8%), £723 in Wales (up by 9.0%), and £944 in Scotland (a notable increase of 10.9%).
  3. In Northern Ireland, average rents increased by 9.3% in the 12 months leading up to December 2023.
  4. Among the regions of England, private rent inflation was highest in London at 10.6%, while it was lowest in the North East at 5.7%.
  5. Looking at specific areas, the average private rent in Great Britain was highest in Kensington and Chelsea, reaching £3,248 per month, while it was lowest in Dumfries and Galloway at £472.
  6. In contrast to private rents, average house prices in the UK decreased by 0.6% in the 12 months leading up to January 2024, although this decrease was less pronounced than the 2.2% decrease in the preceding 12 months.

Overall, the data highlights significant increases in private rents across various regions of the UK, while house prices experienced a modest decrease. These trends provide important insights for policymakers, renters, and homeowners alike, indicating ongoing shifts in the housing market landscape.

For the full statistics, click here

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