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UK Rents Soar by 8.6% Annually According to Official Figures

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    Big Rental Price Hikes Continue in 2024

    According to the latest ONS figures, the average UK private rent has increased by 8.6% year-on-year in June 2024. The average monthly rent now stands at £1271, which is £101 higher than 12 months ago.

    This is slightly down from the 8.7% annual growth the month before. The highest yearly spike in UK rents was recorded in March 2024, when they increased by 9.2% on average.

    These June figures come from the latest Price Index of Private Rents (PIPR), which gives official government data concerning private rent inflation for new and existing tenancies. These trends are key information for buy-to-let investors. To learn more about industry conditions that can affect investors, take a look at our property investment guide.

    Don't Miss Your Copy of Our 2025 Property Market Predictions Guide

    Read our helpful guide now for a look back on what happened to the UK property market in 2024, and learn the key predictions you should know about for 2025. Access your free guide now!

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      Average England Rent Was £1310 in June

      Rent is the most expensive in England out of all UK countries, costing £1310 per month for tenants on average, up 8.6% compared to a year earlier.

      On a regional level, London rents experienced the most inflation in June, hitting 9.7% yearly growth. The fastest-growing rents outside of London were found in the North West, with an average increase of 9.5%.

      Annual inflation was lowest for North East rents, increasing by 5.9% in June.

      London is the most expensive region in England to rent a property, with an average monthly rental cost of £2098. The most affordable area is the North East, where the average is £669.

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      Supply-Demand Imbalance in Rental Sector Set to Continue

      The Royal Institution of Chartered Surveyors (RICS) has reported that tenant demand increased during June while the new landlord instructions net balance decreased. They say this indicates a renewed decline in rental listings in the current private rental sector.

      This worsening supply-demand imbalance explains why rental inflation is still so high despite a decrease in rate from the record highs recorded last year and earlier this year.

      Without an influx of new properties on the market, the ONS report suggests that this imbalance is likely to continue, further pushing up average rents in the UK for the foreseeable future.

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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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