Latest figures from The Office for National Statistics (ONS) reveal an increase in average UK private rents of 8.7% in the 12 months to May 2024, down slightly from 8.9% in the 12 months to April 2024. This minor decrease indicates a modest slowdown in the rate of rental price increases.

In the 12 months to May 2024, average rents in England rose to £1,301, up 8.6%. In Wales, rents increased by 8.5% to £736, and in Scotland, they rose by 9.3% to £957. Northern Ireland saw an average rent increase of 10.3% in the 12 months to March 2024.

Within England, London experienced the highest rent inflation at 10.1%, while the North East saw the lowest at 6.1% over the same period. Across Great Britain, the highest average rent was found in Kensington and Chelsea at £3,397, and the lowest in Dumfries and Galloway at £480.

The ONS also noted that average UK house prices increased by 1.1% in the 12 months to April 2024, up from 0.9% in the 12 months to March 2024. This represents the second consecutive month of annual house price increases, following eight months of annual declines.

In the 12 months to April 2024, average house prices rose to £298,000 in England, a 0.6% increase. In Wales, prices increased by 0.4% to £208,000, and in Scotland, they grew by 4.5% to £190,000. Northern Ireland saw a 4.0% increase in average house prices to £178,000 in the year to Quarter 1 (January to March) 2024.

These figures from the ONS highlight the continuing upward trend in both rental and house prices across the UK, albeit with regional variations in the rates of increase.