The average UK rent has increased by 8.3% in the past year, adding £1,100 to the average annual bill for renters. On average, UK renters now pay £1,220 per month, with prices ranging from £695 in the North East to £2,119 in London. After nearly two years of double-digit increases, the slowing rental growth to single digits suggests that we may have reached peak growth. Despite Scotland seeing the highest rental growth for new lets, rent controls are still in place.

London is experiencing the most significant slowdown in growth as rents reach an affordability ceiling. It is predicted that rental growth will continue to slow in 2024 due to worsening affordability, which will help keep demand in check.

All good news for the Property Investor Market. The Property Investor Show takes place on 19th/20th April 2024 at London ExCel.

Average rental values below

Region Average monthly rent Change on a year ago (%) Change on a year ago (£)
London £2,119 +6.4% +£130
South East £1,325 +9.3% +£110
East of England £1,162 +9.3% +£100
South West £1,076 +8.1% +£80
West Midlands £905 +8.7% +£70
Wales £880 +9.4% +£80
East Midlands £860 +9.2% +£70
North West £847 +10.2% +£80
Yorkshire and the Humber £799 +7.7% +£60
Scotland £791 +11.6% +£80
Northern Ireland £733 +3.7% +£30
North East £695 +9.3% +£60

Source Zoopla 20 Feb 2024