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Rental sector in turmoil? The lowdown on UK housing

These figures include London, which is always the most expensive area of the UK.

Houses in a street. Image by © Tim Sandle
Houses in a street. Image by © Tim Sandle

Renters in the UK are facing record prices with rents growing at the fastest annual rate for more than a decade. Buying property is outside the reach of many people and increasingly the better rentals are moving beyond reach. There are, nonetheless, striking regional differences.

The average rent price in the UK for June 2024 is at a record-high £1,299 per month (compared to £1,229 in June 2023), according to the latest HomeLet Rental Index. This is a product of rapidly rising rental costs.

These figures include London, which is always the most expensive area of the UK. Excluding London, the UK average is now £1,102, which is still a relatively high figure.

Scotland had the highest rent increase across the UK in June, rising +3.8 percent compared to May. Other regions that saw an increase were Northern Ireland (+1.8 percent), Wales (+1.6 percent), South East (+1.5 percent), East of England (+1.2 percent), West Midlands (+0.4 percent), North West (+0.3 percent), East Midlands (+0.2 percent) and the North East (+0.1 percent).

Rents decreased in Greater London (-1.6 percent), Yorkshire & Humberside (-0.6 percent) and Southwest (-0.3 percent).

In contrast to London remaining the most expensive, the cheapest region in England, the Northeast, at £689 per calendar month, saw just a £1 price difference between May and June 2024.

Overall, the UK rental growth slowed to +0.2 percent in June.

Commenting on the trends, in a statement provided to Digital Journal, HomeLet and Let Alliance CEO Andy Halstead states: “stakeholders in the private rental sector are managing their way through turmoil.”

He adds that “politicians run away from dealing with the challenge” of creating a viable private rental sector, with “uncertainty everywhere.”

Halstead continues in a statement provided to Digital Journal: “The data and analysis speak for itself. All stakeholders in the private rental sector are managing their way through turmoil, not least landlords and tenants. Professional Letting Agents have the most difficult task, balancing the needs of both, whilst working in a political void, with uncertainty everywhere.”

In terms of the challenges, Halstead states: “It is rarely quoted that a tenant can now quite easily occupy a rental property for 12 months or so, without paying a penny in rent. Whilst this is a fact, politicians run away from dealing with the challenge.”

In terms of moving forwards, Halstead recommends: “A viable private rental sector requires support for all stakeholders, including agents and landlords, this still looks like a pipe dream. Rent Guarantee and Legal Protection have never been more important.”

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Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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