The rise in private rents is nearly four times that of inflation, which increased 2.2% in August, according to figures from the ONS
UK private rents jumped at a near-record rate to 8.4% in the year to August, with London leading the surge, according to official figures.
The rise in private rents is nearly four times that of inflation, which increased 2.2% in August, according to figures from the ONS.
In August, the average private rent in Great Britain was £1,286 per month. This is £100 (8.4%) higher than 12 months previously.
Average rents rose to £1,327 in England — a rise of 8.5% in the 12 months to August 2024. They rose to £752 (8.5%) in Wales, and £969 (7.6%) in Scotland in the same time period.
In Northern Ireland, average rents rose by 9.9% in the 12 months to June 2024. In England, rent inflation was highest in London at 9.6% and lowest in the south-west at 6.4%.
The average rent was highest in London at £2,129 and lowest in the north-east at £682.
Aimee North, ONS head of housing market indices, said: Rental prices continue to jump at a near-record rate, although the pace of the rise has slowed marginally. London again saw the fastest growth in rents, with the slowest increase in the South West of England.
Nathan Emerson, CEO at Propertymark, a membership organisation for estate agents, said: The rental market continues to operate with a very strong headwind, as many landlords battle higher overheads and uncertainty regarding future legislation. Landlords have faced a complex combination of high inflation, interest rates, maintenance costs and a more demanding taxation structure over the past few years.
In turn, this has had a profound impact on their ability to operate and in some circumstances has forced good landlords to make the difficult choice to sell up and leave the sector, Emerson said.
Last month, the highest average rent was in the Kensington and Chelsea area of London, at £3,418. The lowest was in Dumfries and Galloway in Scotland at £483. Excluding London, the local area with the highest average rent in August 2024 was Elmbridge in the south east, at £1,822.
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