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Rental Growth Up by 8.6% in July According to Official Figures

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    Annual Rental Inflation Continues to Soar

    According to the ONS, annual rental inflation continues to soar in the UK private rental sector. The newly released official figures state that average UK private rents increased by 8.6% on an annual basis in July 2024. This is the same figure as recorded in the previous month for yearly growth (revised estimate).

    While this is less than the record-high year-on-year increase of 9.2% in March 2024, it is still a substantial increase, and rental prices are continuing to rise rapidly.

    The ONS’s Price Index of Private Rents uses data from both new and existing tenancies in England and Wales. Data for Northern Ireland covers newly advertised lets only, and Scotland data comes predominantly from newly advertised lets.

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      London is Still Most Expensive Region for Renters

      The data shows that the average private rent in Great Britain was £1279 per calendar month, which is £101 higher than the same time last year.

      The English region with the most expensive rent is London, where the average has hit £2114. The most affordable rent, on average, is in the North East, which stands at £676.

      London was also the region with the highest annual rental inflation, at 9.7%, unchanged from the month before and below the peak of 11.2% recorded in March 2024. The North West closely followed this, with 9.5%, and the East Midlands, with 9.4%.

      The region with the lowest annual rental inflation in July 2024 was the North East, which experienced 6.1% annual rental growth.

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      Average Rent in England Now £1319

      According to the ONS report, England’s average rent was £1319 in July 2024, more expensive than Wales (£748) and Scotland (£965). The average rent in England has risen by 8.6% year-on-year, unchanged from last month but lower than the recent record high of 9.1% in March 2024.

      When it comes to local areas, the highest rent was found in Kensington and Chelsea in London, where average rent is an eye-watering £3411. The most affordable area is Dumfries and Galloway in Scotland, where the average figure is £483.

      The highest average rent outside London was recorded in Elmbridge, South East, where renters typically pay £1810.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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