The Office for National Statistics (ONS) has released its latest data on private rent prices across the UK for April 2024, providing a comprehensive overview of the current rental market. Here’s a breakdown of the key points from the report.
UK Rent Trends
According to the latest data from the Office for National Statistics (ONS) for May 2024, the Price Index of Private Rents (PIPR) has captured a rise in average UK private rents by 8.9% in the 12 months leading up to April 2024. This increment, although slightly lower than the 9.2% recorded in March 2024, represents a substantial increase, stressing the growing cost burden on tenants.
Regional Rent Dynamics
The increase in rents is not uniformly distributed across the UK, with some regions experiencing sharper rises than others:
- England saw rents climb to an average of £1,293, marking an 8.9% increase.
- Wales reported a somewhat more moderate growth, with rents up 8.2% to £730.
- Scotland topped the charts with a 10% increase, pushing average rents to £952.
- Northern Ireland noted the most significant hike within its available data, with rents rising by 10.4% as of February 2024.
London remains the epicenter of high rent inflation, peaking at 10.8%, while the North East experienced the lowest inflation rate at 5.8%.
Extremes in the Market
When it comes to the extremes of the rental spectrum, Kensington and Chelsea in London reported the highest average rent at a staggering £3,356 per month. In contrast, the lowest average rent was found in Dumfries and Galloway, Scotland, at just £477.
Analysing Rent Inflation by Country
The variations in rent inflation shed light on regional economic dynamics and housing market pressures. Here’s how each country stacks up:
- England: The annual rise was a tad lower than the previous period’s high of 9.1% in March 2024.
- Wales: The growth in rental costs has been decelerating since the record 9.8% increase in November 2023.
- Scotland: The 10.0% increase is part of a slowing trend from a peak of 11.8% in August 2023.
A Closer Look at Northern Ireland
Northern Ireland’s data reveals a consistent and sharp increase in rents, culminating in the highest recorded annual rise of 10.4% by February 2024.
Private Rents by English Region
London’s rental market continues to outpace other regions, even as its annual rent inflation saw a slight slowdown from an 11.2% high in March 2024. Conversely, the North East, despite having the lowest rent inflation, still faces challenges with increasing rental costs.
Divergence Across Local Areas
The disparity in rent across local areas is pronounced, with London’s Kensington and Chelsea being the most expensive. Excluding London, Elmbridge in the South East was next in line, commanding an average rent of £1,765 in April 2024.
Impact of Property Size on Rent
The size of a property significantly influences rental prices. As of April 2024:
- Detached properties commanded the highest rent at £1,453.
- Rents for flats and maisonettes were lower, averaging £1,219.
- The most spacious homes, those with four or more bedrooms, had the highest rents at £1,920, while one-bedroom properties were the most affordable, at £1,002.