Private rent and house prices, UK Office for National Statistics
Table Of Content
Even more striking, 41% of all BTR homes, or about 68,000 homes, were constructed in just the last half decade. The explosive growth of the market, especially in the last three years, is evident in the following figures. That number grew to 6,434 in 2016, 9,978 in 2021, 15,691 in 2022 and 27,495 last year. 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 security deposit is the amount of money you give to your landlord at the beginning of a lease.
Private rent and house prices, UK: April 2024
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.
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Upfront costs are the costs you'll need to pay before moving into your new home, including your down payment, closing costs, and other fees. Homeowners insurance also provides liability insurance if there are accidents in your home or on the property. Home value is the estimated amount your home is worth in the current market. Estimates for the City of London and Isles of Scilly are not published because of low collection volumes. Data that are already collected for other purposes through day-to-day activities. In fact, Huntsville is topped only by Phoenix, Dallas and Houston among the metros with the most BTR homes under construction.
Private rent and house price data
Homes for rent in Los Angeles, California have a median rental price of $3,260. There are 2687 active homes for rent in Los Angeles, which spend an average of 49 days on the market. Some of the nearby neighborhoods near Los Angeles are Hollywood Hills West, Brentwood, Westwood, and Downtown Los Angeles. You may also be interested in homes that are for rent in the nearby ZIP codes of 90046, 90077, or in neighboring cities, such as Beverly Hills, Long Beach, West Hollywood, or Santa Monica. Because of this imbalance, their respondents continue to expect rents to rise over the coming months.
Statistical bulletin
The PIPR and the IPHRP use the same administrative rent price data. 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. 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.
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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. This was up from 5.7% in February 2024, and represents the joint-highest annual percentage change since this series began in January 2006. Anyone prepared to argue there’s really nothing new under the sun in the U.S. housing market hasn’t glimpsed RentCafe’s annual Build-to-Rent Construction Report, out just last week.
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Longer-term trends should be considered for lower-level geographic breakdowns, rather than monthly movements. 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.
These caps and restrictions will not be reflected in the price of new lets used to estimate the price of existing tenancies. Data collection volumes for Brent have been high in recent months. 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.
At the opposite end of the spectrum, Denver, Sacramento, Riverside and Minneapolis bring up the bottom of the top 20, each of them with fewer than 1,000 BTR units under construction. The largest number of new BTR homes last year were constructed in the Phoenix metro area, where more than 4,000 units were completed. Dallas came in second with almost 2,700 and Atlanta was third with approximately 1,980. Austin and Charlotte, with 840 and 714 respectively, were the next metros on the list. Your home equity is your current home value minus what you owe in your mortgage. If your home is vacant, here are tips to protect it against squatters.
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. Northern Ireland data are currently available up to January 2024. Average private rent in Northern Ireland increased by 10.1% in the 12 months to January 2024, up from 9.3% in December 2023. This is the highest annual rise since this series began in 2016.
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