Private rent and house prices, UK Office for National Statistics

Table Of Content

• Figure 3: The average rent annual inflation for England rises above the rate for Wales
• Administrative data
• The top five suburbs in Australia for price growth in the 12 months to April are in Perth
• Australia’s housing crisis continues with record-setting Perth rental market
• Private rent and house prices, UK: April 2024

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.

Figure 3: The average rent annual inflation for England rises above the rate for Wales

The median weekly house rent also set a record, rising 4.8 per cent over the quarter (18.2 per cent over the year) to $650. Overseas property is a store of value held outside of the United States, likely in a currency that isn’t the U.S. dollar. This can be an important hedge against risk since overseas markets can be immune to disruption in U.S. markets and fare better during crises. 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.

Administrative data

UK HPI will now return to the usual 12-month revision period for future releases. 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.

The top five suburbs in Australia for price growth in the 12 months to April are in Perth

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.

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.

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%). 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).

For those who aspire to own beach property but can’t afford California’s prices, the solution is to look beyond the borders of the United States. The median weekly unit rent also set a record, rising 5.3 per cent from the end of December (20.0 per cent from the end of 2023) to $600. Ray White Group chief economist Nerida Conisbee said all suburbs across Australia were now seeing year-on-year price growth, with the top performers in Perth’s outer suburbs.

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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. During the high season (November to May), the short-term rental market is active and can generate excellent yields.

Private rent and house prices, UK: April 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. 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. Scotland rents data are predominantly for advertised new lets, with only a small proportion based on existing lets data.

PIPR produces rent prices that are comparable over time (unlike PRMS) and publishes at increased geographic granularity than IPHRP. The Price Index of Private Rents (PIPR) reflects price changes for all privately-rented properties (including for existing tenancies), not only changes for newly-advertised lets. 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.

Maui wildfire advocacy group celebrates short-term rental bill passing Senate-House committee - Hawaii News Now

Maui wildfire advocacy group celebrates short-term rental bill passing Senate-House committee.

Posted: Thu, 25 Apr 2024 06:02:00 GMT [source]

Estimates for the City of London and Isles of Scilly are not published because of low collection volumes. If you’re choosing between Mexico’s beach markets, this is where you’ll get the most intrinsic value for your money. Excellent property deals can be found on Mazatlán’s waterfront, where rental traffic is high. Property values have doubled in the past few years, yet this remains an affordable market—especially when you compare it to other European markets on the Mediterranean Sea. It offers both resort and city lifestyles, with modern infrastructure and a wide selection of cultural activities for entertainment. The cost of property and general costs of living are much lower than in most Caribbean destinations.

By gaining access to lower prices overseas, you can further insulate yourself from risk because you can afford to buy more property. Instead of spending $600,000 on one property in one market, for instance, you could spend the same amount and get three properties in three different markets with three different currencies. This includes an increase in tenant household sizes, tenants electing to buy where possible and people simply choosing to stay in the family home longer or moving back in with family to avoid the rental market. 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).

REIWA chief executive Cath Hart said the rate of house sale price growth had accelerated in the past two quarters. 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. 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. 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.

By comparison, units had recorded 2.8 per cent growth during the previous quarter and only 1.5 per cent over 2023. Data that are already collected for other purposes through day-to-day activities. Property on Ambergris Caye is no longer low-cost, but it’s still a bargain compared to most other Caribbean islands.

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.