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Average UK Private Property Rents Up 8.9% Annually

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    Average Monthly Rent Stood at £1254 in April According to ONS

    The Price Index of Private Rents (PIPR) is a monthly report published by the Office for National Statistics that measures rental inflation in the private sector, covering both new and existing tenancies.

    According to the latest index, average UK rents increased by 8.9% in the year to April 2024. In the twelve months to March, there was a record high of 9.2%, so the latest figure represents a slight slowdown and the first slowing of the yearly growth rate since December 2023.

    The average monthly rent in Great Britain was calculated to be £1254 in April 2024, which is £103 higher than a year ago in cash terms.

    Let’s see how this affects buy-to-let in 2024.

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      England is the Most Expensive Country in the UK for Renters

      The index also provides a breakdown of average rents by country in the UK. The data reveals that the average rent for England was £1293 in April 2024, up 8.9% annually or £106 in cash terms. This is down from 9.1% the previous month, which was a record-breaking increase.

      The average rent for Wales was found to be £730, an increase of 8.2% or £55.

      Rents in Scotland have shown the highest rate of increases in recent years due to the in-tenancy price-increase cap, which has led landlords to apply steep increases to rental prices for new lets.

      The average rent in Scotland was £952 in April 2024, which is up 10%, or £87, from a year earlier.

      Further Reading: Our expansive market guides will help you learn more about stamp duty in Wales and how much stamp duty is in Scotland!

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      North West Fastest Growing Region for Rents Outside of London

      The ONS regional breakdown reveals big differences in various UK areas when it comes to annual growth.

      Properties in London saw the highest rate of rent increases during the twelve months to April 2024, at 10.8%. In March 2024, the yearly inflation rate hit 11.2%, the highest annual rate since this data series began in January 2006.

      Outside of London, the North West saw the fastest year-on-year growth rate of 8.8%.

      The area with the lowest annual inflation was the North East, experiencing an increase of 5.8% in April, down from the joint record-high of 6.1% the previous month.

      The most expensive region to rent in is London, with an average monthly rent of £2070, and the cheapest is the North East, where the average is £666.

      Take a look at some of our latest insights for more information on the UK property market or learn more about buying a property through a company with our guide.

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      Author

      Reece Pape

      Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

      UK