Private rent and house prices, UK Office for National Statistics
Table Of Content
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%). Average house prices increased by 1.4% to £178,000 in the year to Quarter 4 (Oct to Dec) 2023 in Northern Ireland. 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. Average private rent in Northern Ireland increased by 10.1% in the 12 months to January 2024, up from 9.3% in December 2023.
Administrative data
Scotland's average house price fell in winter 2022 to 2023, reaching a low point in February 2023. Scotland's average house price returned to mid-2022 price levels by mid-2023 and has since remained comparatively stable. Average private rent for Scotland was £947 in March 2024, up 10.5% (£90) from a year earlier. Scotland's annual inflation rate has been generally slowing since the record-high annual rise of 11.8% in August 2023, which was the highest annual rise since this series began in 2012. The Price Index of Private Rents (PIPR) is released as official statistics in development, and is subject to revisions if improvements in the methodology are identified.
Property Description
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.
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Figure 2: The average rent in Great Britain was £1,246 in March 2024
There was a varied distribution in average monthly private rents across local authorities in England and Wales, and Broad Rental Market Areas in Scotland. Average UK house prices decreased 0.2% (provisional estimate) in the 12 months to February 2024, to £281,000. This was up from a decrease of 1.3% in the 12 months to January 2024 (revised estimate).
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. Interchangeable with "annual inflation" (or "annual growth", if positive).
This was up from 5.7% in February 2024, and represents the joint-highest annual percentage change since this series began in January 2006. 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. More information is available in our PIPR Quality and Methodology Information (QMI). Inflation is the rate at which prices (for renting or purchasing property) rise and fall over time. In their March 2024 UK Residential Market Survey, the Royal Institution of Chartered Surveyors (RICS) reported rising tenant demand and, for the 20th consecutive month, declining volume of new landlord instructions.
Private rent price by property size
Since UK rents have been rising at a record-high pace for more than a year, this has led to a sharp increase in the estimated rent price for Brent recently. 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.
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. A verified agent has provided additional evidence of their identity to Nigeria Property Centre. Verification increases the overall security of the Nigeria Property Centre website because most property seekers prefer to do business with Verified agents.
Figure 1: UK rents inflation is rising to record-highs, while UK house price annual inflation remains negative
This new release uses the Price Index of Private Rents (PIPR) to provide more insight into the UK private rental sector and includes headline UK HPI statistics. The rise in Scotland’s annual inflation rate in recent months is more reflective of Scotland’s average house price falling this time last year, rather than increasing in recent months. This is known as a base effect, as explained in our Beware base effects blog.
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. Estimates for the City of London and Isles of Scilly are not published because of low collection volumes.
Nigeria Property Centre (NPC) is a leading property website in Nigeria with property listings for sale, rent and lease. We offer Nigerian property seekers an easy way to find details of property in Nigeria like homes, houses, lands, shops, office spaces and other commercial property. To become Verified, an agent on Nigeria Property Centre must provide us with their incorporation certificate and a utility bill, office premises letting contract or most recent tax clearance. Because these institutions are required to screen people, Nigeria Property Centre's verification process increases security when dealing with parties you do not know. Please note that Nigeria Property Centre's verification system does not constitute an endorsement of an agent, nor a guarantee of the agents's business practices.
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