18th
Jul 2024
The government’s Office for National Statistics latest data show that on average UK private rents rose 8.6% from the twelve months June 2023 to June 2024.
Across England the average rents rose to £1,310 an increase of 8.6%, in Wales there was an 8.2% increase with rents averaging £743 and the £959 average rent in Scotland with an 8.4% increase in the same twelve month period.
The latest available figures for Northern Ireland shows that average rents rose by 10.3% between April 2023 and April 2024.
A spokesperson for a sector body says: “There has been much insecurity across the rental market over recent years due to aspects such as uncertainty surrounding the Renters’ Reform Bill, increases in taxes, and a lack of clarity regarding regulation. In real terms, this anxiety has impacted new investment and, in extreme cases, has even prompted landlords to leave the sector, further compounding the issue surrounding available housing stock.
“The rental sector urgently needs investment to keep pace with demand, and Propertymark is keen to see the UK Government closely review all elements and generate new legislation that promotes investment, but above all, provides full fairness to both landlords and tenants alike.”
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