The latest ONS data on UK private housing rental prices reveals significant hikes across the country.

In the last 12 months leading up to December 2023, private rental prices in the UK have seen an increase of 6.2%. This figure mirrors the annual percentage change observed in November 2023. It’s important to note that this rate is the highest recorded since January 2016 when this data series began.

Variations Across Countries

• England: Experienced a 6.1% rise in rental prices.
• Wales: Witnessed the highest increase at 7.1%.
• Scotland: Saw a 6.3% hike in rental prices.

Interestingly, when London is excluded, England’s increase dips slightly to 5.7%. London itself, however, has seen a higher increase of 6.8%, although this is a slight decrease from November 2023’s 6.9%.

Regional Insights in England

In terms of regional differences within England:

• London: Leads with a 6.8% increase.
• North East: Has the lowest increase at 4.6%.

Country-Specific Trends

England

The increase in England remains consistent with the overall UK trend. However, excluding London, the increase is slightly lower at 5.7%.

Wales

Wales is currently experiencing the highest rental price increase in Great Britain at 7.1%. Although this is a slight decrease from November 2023, it’s significantly higher than the average.

Scotland

Scotland’s rental prices have risen by 6.3%, marking the highest annual rate since data collection began in January 2012. The implementation of the Cost of Living (Tenant Protection) Scotland Act, which caps rental price increases, is a significant factor in this context.

Northern Ireland

In Northern Ireland, there has been a 9.3% increase in rental prices, which, despite a recent slowdown, remains higher than other UK regions.

Comparing Private Sector Rental Growth

Private sector sources like Zoopla, Rightmove, and HomeLet offer different perspectives on rental price changes, often reporting higher inflation rates compared to the official data. For instance, Rightmove reported an 8.3% increase, HomeLet 8.0%, and Zoopla 9.0% for comparable periods.