The Office for National Statistics has reported that average UK private rents increased by 8.6% in the 12 months to July 2024 (provisional estimate), unchanged from in the 12 months to June 2024.
Average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland, in the 12 months to July 2024.
In Northern Ireland, average rents increased by 10.0% in the 12 months to May 2024, while in England, rents inflation was highest in London (9.7%) and lowest in the North East (6.1%) over the same period.
Average UK house prices increased by 2.7%, to £288,000, in the 12 months to June 2024 (provisional estimate); this annual growth is unchanged from the revised estimate for the 12 months to May 2024.
Average house prices increased in England to £305,000 (2.4%), in Wales to £216,000 (1.8%), and in Scotland to £192,000 (4.3%).
Alex Upton, managing director of specialist mortgages at Hampshire Trust Bank, said: “The latest ONS figures highlight the positive momentum in the housing market, marking the fourth consecutive rise in house prices. This trend reflects the strong demand from buyers across various segments.
“We are seeing great appetite from investors, whether they are looking to hold onto the property as a buy-to-let or sell it on after carrying out refurbishment work. While the market has become more challenging for amateur investors, seasoned professionals are well-positioned to capitalise on these opportunities.
“It’s crucial for these investors to have certainty over their funding. This goes beyond just speed; it’s about ensuring that lenders deliver on their promises without shifting the goalposts. The best lenders distinguish themselves not just by their rates or speed, but their consistency and reliability.”
