Average UK private rents have increased by 9% in the 12 months to February 2024, confirmed the ONS latest price index of private rents published today (20th March).
This represents the highest annual percentage change since this UK data series began in January 2015.
Regionally, average month rents have increased to £1,276 in England, £723 in Wales and £944 in Scotland.
In England, private rent inflation was highest in London (10.6%) and lowest in the North East (5.7%).
The highest average private rent throughout Great Britain was registered in Kensington and Chelsea, London — reaching £3,248 — while the lowest was seen in Dumfries and Galloway, Scotland (£472).
Commenting on the latest ONS private rents data many industry experts have blamed landlords’ rising costs and higher BTL mortgage rates, which is forcing them to increase rents. See Comments:
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Link to Original Article: Buy to Let Insider - The rental market is broken: Average UK private rents rise by 9%, as landlords pass on higher costs onto tenants
