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ONS Price Index of Private Rents - UK private rents increased by 9.2% in 12 months to March 2024

ended 17. April 2024

The ONS has just published the Price Index of Private Rents (PIPR), which showed average UK private rents increased by 9.2% in the 12 months to March 2024 (provisional estimate), higher than in the 12 months to January 2024. In the 12 months to March 2024, average monthly rents increased to £1,285 (9.1%) in England, £727 (9.0%) in Wales and £947 (10.5%) in Scotland. Additional highlights below. 

  • In England, private rent inflation in the 12 months to March 2024 was highest in London (11.2%) and lowest in the North East (6.1%).
  • In Great Britain, the average private rent was highest in Kensington and Chelsea (£3,305) and lowest in Dumfries and Galloway (£475).

Newspage asked experts for their views, below.

6 responses from the Newspage community

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Ben Perks
Managing Director at Orchard Financial Advisers
Landlords with mortgages are being hammered by interest rates and large product fees, so it is unsurprising that rents have risen significantly. Unfortunately, this is a trend that we will see more of going forward.
With the Bank of England showing no inclination to lower the Base Rate anytime soon, the challenges in the buy-to-let mortgage sector are expected to continue.
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Simon Bridgland
Director at Charwin Private Clients
The latest Price Index of Private Rents from the Office of National Statistics doesn’t help renters nor does it help the housing crisis we have in the UK. Whilst landlords may be relieved they are able to achieve yet further rent increases and cover more of their costs it simply kicks the can further down the road. How much longer can renters stomach there increases before defaulting on rental payments. The percentage of their wages being spent on housing costs is at its highest level on record and is not sustainable.
Market leading buy to let mortgages being available under 5% means there is more breathing space for landlords, however they are still trying to claw back some of their perceived losses that they have endured over recent years. Increasing rents simply means property prices are buoyed without market correction happening on already inflated prices.
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Riz Malik
Independent Financial Adviser at R3 Wealth
These rent increases are astronomical and wholly unsustainable. This is the reason why property ownership may be a distant dream for wannabe first-time buyers unable to save a decent deposit, especially in London and the South.
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James Bull
Mortgage Broker at JB Mortgages

The uptick in private rents isn't unexpected, as it's directly linked to the rise in mortgage interest rates. Landlords are forced to increase what they charge for rent, in order to cover the mortgage payments at higher interest rates than has previously been the case. This pattern is likely to persist, especially as more landlords transition from lower fixed rates to higher-rate deals.
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Michelle Lawson
Director at Lawson Financial
Rents appear to be stabilising although demand is still there as it is getting harder for tenants to pass affordability referencing. Following today’s higher than forecast inflation, this could quell any imminent thoughts of a much-needed Bank of England rate cuts. This is the turning point that will stimulate the housing market, which is centric to so many other industries. If this happens, demand will increase and likely so will property prices.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Rents continue to rise much higher than the rate of inflation, pouring further misery fuel onto the cost of living inferno that is still engulfing the country. Yet due to rental coverage rules most landlords still are stuck with their existing lender at remortgage as they find themselves unable to meet criteria of new lenders despite the increased rents being received.