Official government figures show that the average UK private rents rose by 8.6% in the 12 months to July 2024, which remained the same from the twelve months to June. 

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In England the average rent rose to £1,319 an increase of 8.6%, in Wales it rose by 7.9% to £748 and by 8.2% in Scotland to £965 in the twelve months to July.

Of course London was the highest region in England with an average rental increase of 9.7% in July, which remained unchanged form the 12 months to June 2024, however it is below the highest ever recorded annual rise of 11.2% in March this year.

The North East experienced the lowest twelve month rental increase in July of 6.1%, but this was a record high for the region as it was up from 5.9% in June.

In July this year the average highest rent was in London at £2,114 and the lowest was in the North East at £675.

A spokesperson for an agent’s association, says: “The rental market continues to feel the harsh reality of ongoing pressures on housing demand, which are outstripping current supply. This has a real-world effect on rental prices for consumers and that consequence is prices tend to be pushed further upwards.

“It is crucial the mismatch between supply and demand is addressed as a priority to help ease a current ‘nine applications per available property’ trend that we are witnessing. It’s an unhealthy situation and one that can only be solved by ensuring long term investment in a diverse mix of sustainable housing to keep pace with growing demand.”

The investment service Moneybox’s spokesperson states: “As a nation of aspiring homeowners, news that rental costs continue to rise is concerning. However, with a new government committed to supporting wealth generation across the country, perhaps there is a glimmer of hope for aspiring homeowners in the UK. Our industry must start to seriously consider the long-term effects of ever-increasing rental costs. We know how these are continuing to eat into renters' disposable income and impact their ability to build a deposit for a future home.

"While we welcome the new government's ambition to build 1.5m new homes, the measures needed to address the housing crisis are many and complex, it remains true that saving a sufficient deposit is one of the biggest challenges many people face and this is why pragmatic measures are needed now.”

And a repossession network organisation’s spokesperson told the Newspage agency : “Real pain is being felt by tenants due to soaring rental costs. For those already teetering on the edge financially, this is more than just an increase, it’s a pressure cooker ready to explode. I see the human toll behind these numbers daily. Families are being squeezed from all sides.

“House prices are inching out of reach for many, and rents are escalating to unsustainable levels. It’s a cruel irony that the roof over your head is becoming a financial burden too heavy to bear for many. This isn't just an economic challenge; it’s a social crisis in the making.