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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. 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.
Private rent and house price inflation
This is predominantly in outer-lying suburbs where there has been land to develop. The median unit sale price improved strongly over the March 2024 quarter, recording 3.4 per cent growth to reach $425,000; 6.3 per cent higher than March 2023. Maddington, Armadale, Gosnells, Camillo and Calista are the top five suburbs in Australia for price growth in the 12 months to April, recording gains of more than 25 per cent.
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Price Index of Private Rents
Cartagena offers buyers remarkable diversity in property type as well as low operating costs and steady occupancy. These are attractive, well-developed markets where you can achieve the dream of seeing sparkling waters from your bedroom window and more. The median weekly dwelling rent hit a new high at the end of March of $650, up 8.3 per cent from the end of December ($600) and 18.2 per cent from the end of March 2023 ($550).
Wales
The El Laguito and Bocagrande areas command steady short-term demand, making them solid choices for a buy-to-rent investment. Castillogrande is ideal for a second home investment since it’s more peaceful. A property purchase in one of these markets can bring additional benefits like portfolio and currency diversification. “Some agents are reporting a slowdown in demand at the higher end of the market; however, it remains strong in the more affordable price brackets,” she said. Rental listings remained low, sitting below 2000 over the quarter, and the vacancy rate dropped to a record low of 0.4 per cent at the end of March.
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. This means that a large proportion of data for Brent are from recent months. 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. To produce provisional UK statistics, Great Britain's inflation rate for the latest two months has been used to estimate Northern Ireland's inflation rate in this period. 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.
Private rent and house price data
Therefore, price changes for existing tenancies are largely estimated for Scotland. More detail is available in our Quality assurance of administrative data used in the PIPR methodology. 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.
Figure 5: Privately renting a property is most expensive in London
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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.
The full UK House Price Index report and monthly data are published by HM Land Registry. Investors looking for low-hassle buys with few ongoing costs are putting their money into land. Land values have appreciated by 15% to 20% per year over the past three years, and local experts expect this growth to continue.
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). A 20 per cent increase in Perth’s median house sale price from January until the end of the year is a very real possibility, according to REIWA’s 2024 property market quarterly update. PIPR replaced the Index of Private Housing Rental Prices (IPHRP) and Private Rental Market Summary Statistics (PRMS) in March 2024.
Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. 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. Interchangeable with "annual inflation" (or "annual growth", if positive). These caps and restrictions will not be reflected in the price of new lets used to estimate the price of existing tenancies. 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.
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. 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. 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. Currently, average private rent is published for Great Britain, but not for the UK. We aim to publish average rent prices for the UK and Northern Ireland in March 2025.
Inflation is the rate at which prices (for renting or purchasing property) rise and fall over time. UK monthly rent estimates for the latest two months and UK HPI estimates for the latest 12 months are provisional and subject to revision. All statistics are non-seasonally adjusted estimates, unless explicitly stated otherwise. “In what we hope becomes an ongoing trend, supply is getting a boost with some newly built homes owned by eastern states investors finally coming to the rental market.
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 this imbalance, their respondents continue to expect rents to rise over the coming months. The costs per square foot are based on the average prices for two-bedroom, two-bathroom ocean-view apartments in each case.
Northern Cyprus (a region and de facto state of the Republic of Cyprus) is rich in soft-sand Mediterranean beaches. It boasts great weather, low costs of living, welcoming locals, and inexpensive property. The Santa Marta market can also offer worthwhile capital gains, as prices have risen by over 49% in the past three years.
And supply of new housing remained limited, which continued to focus demand on established homes. The high demand, fuelled by extremely strong population growth, was expected to continue, with the Cook government to issue a fresh population forecast in its May budget, Hart said. “Updated figures for December show 4.3 per cent growth over the quarter and preliminary figures for March are sitting at 4.2 per cent,” she said.
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