ONS data exposes UK’s soaring rent prices

ONS data exposes UK’s soaring rent prices

0:02 AM, 5th December 2023, About 5 months ago 4

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New data paints a picture of a widespread surge in rental prices across the UK.

The ONS has published for the first time data, showing trends in rental price movements for local authorities in England and Wales and regions of Scotland.

The figures reveal rents have spiked across England with Bristol seeing a staggering 60% increase.

According to the Price Index of Private Rents (PIPR), in January 2015 the price of renting in the City of Bristol was £1,054, which increased to £1,688 in October this year.

Low supply and high demand

Over the last eight years, rental price growth has increased across all nations, caused by low supply and high demand for rental properties.

In recent times, Scotland’s rent prices have grown faster than England and Wales.

In England and Wales between January 2015 and October 2023, rental prices grew most in, the City of Bristol (60.2%), South Gloucestershire (57.4%) and Salford (53.5%)

Meanwhile, they grew the least in, Runnymede (11.0%), Ceredigion (11.2%) and West Lancashire (11.7%)

In Scotland, rental prices grew the most in Greater Glasgow (63.7%) and fell the most in Aberdeen and Shire (negative 18.9%).

Average monthly rent highest in London

The average monthly rental price for Great Britain reached £1,202 in October 2023. This has been consistently rising, with an increase of £284 since January 2015, and has increased by £93 in the past 12 months.

Breaking down the figures across the country, the average price level for England (£1,239) is higher than for Scotland (£916) and Wales (£710).

The average monthly rental price was highest in London, averaging £1,968 in October 2023, £734 higher than the next largest average rent, which was £1,234 in the South East.

The lowest average monthly rent was in the North East, at £644, for October 2023.


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Comments

Yellard

11:07 AM, 5th December 2023, About 5 months ago

I am not opposed to immigration but surely over one million immigrants in the last two years has a part to play in the increase? In addition the increased over regulation, including the proposed abolishment of fixed term tenancies in England is already driving landlords out of the market and deterring new entrants.

Dylan Morris

11:35 AM, 5th December 2023, About 5 months ago

Reply to the comment left by Yellard at 05/12/2023 - 11:07
And also Section 24 is affecting many landlords. Only hotel owners seem to be doing well these days with an unlimited supply of visitors.

Peter G

13:24 PM, 5th December 2023, About 5 months ago

Reply to the comment left by Yellard at 05/12/2023 - 11:07
Yes, especially as 80% of immigrants were legal and almost immediately started working and earning, many bringing families to support needing accommodation.

Jeff L

15:54 PM, 5th December 2023, About 5 months ago

Reply to the comment left by Peter G at 05/12/2023 - 13:24
Y/E June 2023 1,200,000 migrants to the UK' In the year period there were 52,530 irregular migrants detected entering the UK - therefore, percent of migrants that were legal is 95.6%

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