ONS data exposes UK’s soaring rent prices

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.