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Our new local housing statistics tool summarises the latest private rents and house price statistics for local areas. Average UK private rent increased by 9.2% in the 12 months to March 2024 (provisional estimate). This was up from 9.0% in the 12 months to February 2024 (revised estimate) and represents the highest annual percentage change since this UK data series began in January 2015.
Private rent and house price data
This means that there is a two-month revision period for the UK series in PIPR. For Great Britain in March 2024, the average private rent was highest for detached properties (£1,446) and lowest for flats and maisonettes (£1,211). Average private rent was highest for properties with four or more bedrooms (£1,912) and lowest for properties with one bedroom (£995). In March 2024, the average monthly private rent was highest in London (£2,055) and lowest in the North East (£662). Annual rents inflation was lowest in the North East, at 6.1% in March 2024.
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Rent Officers receive a notification 12 months after a property's last update, supporting their aims to revisit properties. Annually, over 450,000 private rent prices are collected in England and around 30,000 in Wales, 40,000 in Scotland, and 15,000 in Northern Ireland. Average private rent for Wales was £727 in March 2024, up 9.0% (£60) from a year earlier.
UK private rent and house prices
The rise in Scotland’s annual inflation rate in recent months is more reflective of Scotland’s average house price falling this time last year, rather than increasing in recent months. This is known as a base effect, as explained in our Beware base effects blog. Scotland's average house price fell in winter 2022 to 2023, reaching a low point in February 2023.
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Inflation is the rate at which prices (for renting or purchasing property) rise and fall over time. UK monthly rent estimates for the latest two months and UK HPI estimates for the latest 12 months are provisional and subject to revision. All statistics are non-seasonally adjusted estimates, unless explicitly stated otherwise. If traveling with a pet in Los Angeles, 27% of vacation rentals are pet-friendly. The lifestyle in Los Angeles is busy and people are always on the run.
This was up from 5.7% in February 2024, and represents the joint-highest annual percentage change since this series began in January 2006. Filters are available so you can in your search to find a beautiful accommodation in Los Angeles. Consequently, if you want a rental with a pool, select the Pool filter to compare these accommodations.
Figure 3: The average rent annual inflation for England rises above the rate for Wales
The full UK House Price Index report and monthly data are published by HM Land Registry. A security deposit is the amount of money you give to your landlord at the beginning of a lease. This deposit is usually equal to one month's rent and covers any damage the tenant causes to the property. A rent increase is when your landlord raises the rent you pay each month.
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The Office for National Statistics (ONS) and HM Land Registry (HMLR) are working to resolve this. Housing costs include your mortgage payments, homeowners insurance, property taxes, and HOA fees if you have an HOA. If your down payment is less than 20 percent of your home's purchase price, you will need to pay for mortgage insurance. Mortgage insurance protects your lender from losing money if you default on your loan. Typically, Federal Housing Administration (FHA) and US Department of Agriculture (USDA) loans require mortgage insurance. Home location helps accurately estimate today’s interest rate, tax rate, home insurance cost, and the average home price.
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By chain-linking the IPHRP (pre-2015) and PIPR (2015 onward) indices together, we have published a full historical series for the UK, Great Britain, its countries and English regions. Series begin in January 2005 for England, January 2009 for Wales, January 2011 for Scotland, and January 2015 for Northern Ireland and the UK. We advise caution when comparing pre-2015 trends with later estimates because of the methodology change in January 2015. In March 2024, the average private rent was highest in Kensington and Chelsea, London (£3,305), and lowest in Dumfries and Galloway, Scotland (£475).
Between 1 April 2023 and 31 March 2024, this rent price-increase cap was 3% (and up to 6% in certain circumstances). From 1 April 2024, temporary changes to the rent adjudication system restricts rent increases for existing tenants who apply for rent adjudication. Scotland rents data are predominantly for advertised new lets, with only a small proportion based on existing lets data. Therefore, price changes for existing tenancies are largely estimated for Scotland. In March and April 2024, UK HPI estimates were revised from January 2021 onwards by making use of price data processed outside the UK HPI's normal 12-month revision period. Users should be aware that revisions may be larger than usual and should note the significantly greater uncertainty around new build prices.
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