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More information is available in our PIPR Quality and Methodology Information (QMI). The Cost of Living (Tenant Protection) Scotland Act capped in-tenancy rent price increases at 0% (and up to 3% in certain circumstances) from September 2022 until 31 March 2023. 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.
Figure 1: UK rents inflation is rising to record-highs, while UK house price annual inflation remains negative
Housing prices in your area Interactive tool | Released 17 April 2024 Find house prices and private rental prices for local authority areas across Great Britain. We aim to include Northern Ireland in the Price Index of Private Rents (PIPR) in March 2025. In the 12 months to February 2024, average house prices decreased in England to £298,000 (negative 1.1%), decreased in Wales to £211,000 (negative 1.2%) and increased in Scotland to £188,000 (5.6%).
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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. This was up from 5.7% in February 2024, and represents the joint-highest annual percentage change since this series began in January 2006.
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Interchangeable with "annual inflation" (or "annual growth", if positive). There was a varied distribution in average monthly private rents across local authorities in England and Wales, and Broad Rental Market Areas in Scotland. Because of differences in data collection and housing policy, caution is advised when comparing Scotland's estimates with other areas in England and Wales and within Scotland.
Northern Ireland
Because of this imbalance, their respondents continue to expect rents to rise over the coming months. In recent periods, the total transaction volumes and new build volumes available to calculate UK HPI estimates for recent months have been lower than historically. The Office for National Statistics (ONS) and HM Land Registry (HMLR) are working to resolve this. Price Index of Private Rents QAAD Methodology | Released 20 March 2024 Quality assurance of administrative data (QAAD) used in the monthly production of Price Index of Private Rents (PIPR). We are investigating the feasibility of extending the time-series back further. The full UK House Price Index report and monthly data are published by HM Land Registry.
Private rent and house price data
The PIPR and the IPHRP use the same administrative rent price data. More detail is available in our Quality assurance of administrative data used in the PIPR methodology. Average private rent for England was £1,285 in March 2024, up 9.1% (£107) from a year earlier. This is the highest annual rise since this series began in 2006 and was up from 8.8% in February 2024. Average UK house prices decreased 0.2% (provisional estimate) in the 12 months to February 2024, to £281,000.
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In England and Wales, achieved rents data are collected for both new and existing tenancies. Rent Officers receive a notification 12 months after a property's last update, supporting their aims to revisit properties. Average private rent for Wales was £727 in March 2024, up 9.0% (£60) from a year earlier. This annual rise was unchanged from the 12 months to February 2024, but remains below Wales's record-high annual rise of 9.8% in November 2023, which was the highest annual rise since this series began in 2010. These caps and restrictions will not be reflected in the price of new lets used to estimate the price of existing tenancies.
UK private rent and house prices
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This information is intended for the personal use of consumers, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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). Excluding London, the local area with the highest average private rent in March 2024 was the City of Bristol, South West (£1,748). The average private rent in Great Britain was £1,246 in March 2024, which is £104 (9.1%) higher than 12 months ago. While mitigation efforts are made, price changes at local levels can be influenced by the type and number of properties collected in any given period, which may lead to volatility. Longer-term trends should be considered for lower-level geographic breakdowns, rather than monthly movements.
A) The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM,INC. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM, INC does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. Estimates for the City of London and Isles of Scilly are not published because of low collection volumes. This information is being provided by the Bay East MLS, BridgeMLS or CCAR MLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Each subsequent month, updated Northern Ireland data are used to revise estimates for the UK. This means that there is a two-month revision period for the UK series in PIPR. 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.
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. 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. 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. UK HPI will now return to the usual 12-month revision period for future releases.
Average house prices increased by 1.4% to £178,000 in the year to Quarter 4 (Oct to Dec) 2023 in Northern Ireland. Average private rent in Northern Ireland increased by 10.1% in the 12 months to January 2024, up from 9.3% in December 2023. 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. Northern Ireland rents data are not available for the latest two months.
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