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Price Index of Private Rents QAAD Methodology | Released 20 March 2024 Quality assurance of administrative data (QAAD) used in the monthly production of Price Index of Private Rents (PIPR). We are investigating the feasibility of extending the time-series back further. The full UK House Price Index report and monthly data are published by HM Land Registry. Estimates for the City of London and Isles of Scilly are not published because of low collection volumes.
Statistical bulletin
Average private rent was highest for properties with four or more bedrooms (£1,912) and lowest for properties with one bedroom (£995). 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. Because of differences in data collection and housing policy, caution is advised when comparing Scotland's estimates with other areas in England and Wales and within Scotland.
Private rent and house price inflation
Average UK private rent increased by 9.2% in the 12 months to March 2024 (provisional estimate). This was up from 9.0% in the 12 months to February 2024 (revised estimate) and represents the highest annual percentage change since this UK data series began in January 2015. Average private rent in Northern Ireland increased by 10.1% in the 12 months to January 2024, up from 9.3% in December 2023. Our new local housing statistics tool summarises the latest private rents and house price statistics for local areas. To produce provisional UK statistics, Great Britain's inflation rate for the latest two months has been used to estimate Northern Ireland's inflation rate in this period. Since the Price Index of Private Rents (PIPR) measures rent price changes of the entire privately-rented stock, changes in new-let annual inflation from supply and demand pressures take time to be reflected in PIPR.
Private rent and house prices, UK: April 2024
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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. UK monthly rent estimates for the latest two months and UK HPI estimates for the latest 12 months are provisional and subject to revision.
Cite this statistical bulletin
Scotland rents data are predominantly for advertised new lets, with only a small proportion based on existing lets data. Therefore, price changes for existing tenancies are largely estimated for Scotland. Annually, over 450,000 private rent prices are collected in England and around 30,000 in Wales, 40,000 in Scotland, and 15,000 in Northern Ireland. Interchangeable with "annual inflation" (or "annual growth", if positive).
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Price Index of Private Rents
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 Wales was £727 in March 2024, up 9.0% (£60) from a year earlier. This annual rise was unchanged from the 12 months to February 2024, but remains below Wales's record-high annual rise of 9.8% in November 2023, which was the highest annual rise since this series began in 2010. These caps and restrictions will not be reflected in the price of new lets used to estimate the price of existing tenancies.
Northern Ireland
The Cost of Living (Tenant Protection) Scotland Act capped in-tenancy rent price increases at 0% (and up to 3% in certain circumstances) from September 2022 until 31 March 2023. Between 1 April 2023 and 31 March 2024, this rent price-increase cap was 3% (and up to 6% in certain circumstances). From 1 April 2024, temporary changes to the rent adjudication system restricts rent increases for existing tenants who apply for rent adjudication. More detail is available in our Quality assurance of administrative data used in the PIPR methodology.
There was a varied distribution in average monthly private rents across local authorities in England and Wales, and Broad Rental Market Areas in Scotland. Average UK house prices decreased 0.2% (provisional estimate) in the 12 months to February 2024, to £281,000. This was up from a decrease of 1.3% in the 12 months to January 2024 (revised estimate). Each subsequent month, updated Northern Ireland data are used to revise estimates for the UK. This means that there is a two-month revision period for the UK series in PIPR.
UK private rent and house prices
Average private rent for England was £1,285 in March 2024, up 9.1% (£107) from a year earlier. This is the highest annual rise since this series began in 2006 and was up from 8.8% in February 2024. PIPR replaced the Index of Private Housing Rental Prices (IPHRP) and Private Rental Market Summary Statistics (PRMS) in March 2024. PIPR produces rent prices that are comparable over time (unlike PRMS) and publishes at increased geographic granularity than IPHRP. 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.
We aim to include Northern Ireland in the Price Index of Private Rents (PIPR) in March 2025. 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.
Scotland's annual inflation rate has been generally slowing since the record-high annual rise of 11.8% in August 2023, which was the highest annual rise since this series began in 2012. The Price Index of Private Rents (PIPR) is released as official statistics in development, and is subject to revisions if improvements in the methodology are identified. Currently, average private rent is published for Great Britain, but not for the UK. We aim to publish average rent prices for the UK and Northern Ireland in March 2025. Housing prices in your area Interactive tool | Released 17 April 2024 Find house prices and private rental prices for local authority areas across Great Britain.
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. 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).
All statistics are non-seasonally adjusted estimates, unless explicitly stated otherwise. While mitigation efforts are made, price changes at local levels can be influenced by the type and number of properties collected in any given period, which may lead to volatility. Longer-term trends should be considered for lower-level geographic breakdowns, rather than monthly movements. For Great Britain in March 2024, the average private rent was highest for detached properties (£1,446) and lowest for flats and maisonettes (£1,211).
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