Official figures released by the Office for National Statistics reveal a concerning trend: the average monthly rent paid by tenants in the UK surged by 9% in the year leading up to February, marking the steepest annual increase since records began in 2015. This data underscores what one advocate described as a "renting crisis," as rental prices escalated across all regions of the UK.
In England, the average monthly rent climbed to £1,276, reflecting an 8.8% year-on-year increase. Meanwhile, in Scotland, rents rose by 10.9% to an average of £944, and in Wales, they saw a 9% uptick to £723. Data for Northern Ireland, albeit trailing behind the rest of the UK, showed a 9.3% rise over the year leading to December 2023, as reported by the ONS.
In England, the biggest rise was in London, which already had the UK’s highest rent. The average monthly cost faced by a tenant was up by 10.6% year-on-year at £2,035.
Rents have consistently increased since the ONS series began, but the pace of change has accelerated in recent months, with a combination of higher interest costs for landlords and a fall in the number of rental properties available driving up prices.
February’s figures are the highest since the ONS started publishing this index, which is based on new and existing tenancies in England and Wales, newly advertised lets in Northern Ireland and predominantly new lets in Scotland.