Private rental prices in the UK have gone up by an average of £65 per month over the past year. According to the latest data from the Office for National Statistics, the typical monthly rent for a private home was £1,360 in the 12 months leading to October, marking a 5.0% increase from the previous year’s average of £1,295.
Although rent inflation seems to be slowing down, there has still been a significant overall increase of nearly 30% in rents over the past four years. Some regions are experiencing higher rent inflation than others, with Newport showing the largest increases in the country.
In Newport, the typical monthly rent rose to £938 in the year to October, reflecting a substantial 17.1% increase compared to the previous year. Despite this double-digit rise, the rate of inflation is declining in that area.
In other parts of the country, annual rent inflation is particularly high in Newcastle upon Tyne at 14.9%, followed by West Lancashire at 12.1%, Barking and Dagenham at 11.8%, Gloucester at 11.6%, Broxbourne at 11.4%, and Rhondda Cynon Taf at 11.4%.
For a detailed breakdown of rent increases in each local authority, an interactive map is available. Some of the highest average monthly rents are found in Kensington and Chelsea (£3,633), Westminster (£3,223), Camden (£2,795), Hammersmith and Fulham (£2,731), and Islington (£2,708).
The largest percentage rent increases have been seen in areas like Tameside (47.3%), Merthyr Tydfil (45.7%), Torfaen (44.6%), Rossendale (44.3%), and Rhondda Cynon Taf (43.9%). This upward trend in rental prices reflects the ongoing changes in the UK housing market.