MHHG estate agents

In the 12 months leading up to March 2024, the average private rents in the UK surged by 9.2%, marking a notable increase from the 9.0% recorded in the preceding 12-month period ending February 2024. This acceleration represents the highest annual percentage change since the inception of this data series in January 2015.

Regional Insights

England: The average monthly rents in England rose to £1,285, reflecting a 9.1% increase. Notably, London experienced the highest annual rent inflation of 11.2%, while the North East saw the lowest at 6.1%.

Wales: Average rents increased to £727 (9.0%) in Wales.

Scotland: Scotland witnessed a significant uptick in rents, with an increase of 10.5%, bringing the average monthly rent to £947.

Northern Ireland: In the 12 months to January 2024, average rents surged by 10.1%.

Local Variances

Highest and Lowest Rent Averages: The disparity in rent prices across regions was striking. Kensington and Chelsea, London, recorded the highest average private rent at £3,305, while Dumfries and Galloway, Scotland, marked the lowest at £475.

Local Authorities: Varied distributions were observed across local authorities, with the City of Bristol, South West, excluding London, recording the highest average private rent at £1,748.

Property Size Analysis

Detached Properties: Detached properties commanded the highest average private rent at £1,446.

Flats and Maisonettes: Conversely, flats and maisonettes exhibited the lowest average rent at £1,211.

Bedroom Configuration: Properties with four or more bedrooms saw the highest average rent at £1,912, while those with one bedroom recorded the lowest at £995.

House Price Trends

Contrary to the rental market, the average house prices in the UK experienced a marginal decrease of 0.2% in the 12 months leading to February 2024, with the average house price resting at £281,000.

Conclusion

The UK rental market witnessed robust growth in rents across regions, with notable disparities in local rent averages and property types. Despite a minor decline in house prices, the rental sector continued its upward trajectory, marking a significant increase compared to previous years.