Residential Rents in England rise 9.3% Year-on-Year to November 2024

The Office for National Statistics (ONS) reported that private sector rents in England increased by 9.3 per cent, reaching an average of 1,362 pounds in the 12 months leading up to November. This marked the largest rise in records dating back to 2015.

The increase in rents was primarily driven by an 11.6 per cent jump in London. Nationwide, rents across the United Kingdom were 9.1 per cent higher than the previous year.

Additionally, British house prices saw a 3.4 per cent increase on an annual basis in October, which was faster than the downwardly revised 2.8 per cent rise observed in September, as reported by the ONS.

Other recent housing market indicators also revealed the fastest annual increase in house prices in two years. The rise in rents was attributed to the growing demand for homes, which far outpaces the available supply. This is an issue the new Labour government aims to address by accelerating planning approvals for new property construction.