Private rents were up 9.1% in the year to November, to an average of £1,319 across Britain, according to government figures.
It’s close to the record rise of 9.2% seen in March this year.
Average rents increased to £1,362 (9.3%) in England, £772 (8.0%) in Wales, and £980 (6.5%) in Scotland, in the 12 months to November 2024.
In Northern Ireland, average rents increased by 9.0% in the 12 months to September – the latest data available.
London was the English region with the highest rents inflation in the 12 months to November, at 11.6%. This annual rise was higher than in the 12 months to October 2024 (10.4%), and reflects a new record-high annual growth for London. The rise in London’s annual inflation was caused by two consecutive months of large rent rises, compared with smaller rises a year ago.
Rents annual inflation was lowest in Yorkshire and The Humber, at 5.7% in November 2024. This annual rise was lower than in the 12 months to October 2024 (5.9%).
In November 2024, the average rent was highest in London (£2,206) and lowest in the North East (£700).
Sarah Coles, head of personal finance at business consultancy Hargreaves Lansdown, says: “Rapid rent rises will have sent renters into a cold sweat, panicking about how on earth they can afford to stretch their budget far enough to make ends meet.
“To make matters worse, it’s incredibly difficult to see when this rapid rise in rents will come to an end. While the latest RICS survey showed tenant demand relatively flat, the number of properties available continued to fall, so rents will keep rising.
“he soaring cost of rent is why private renters spend 39% of their monthly budget keeping a roof above their head – compared to those with mortgages who spend 19%.
“It makes saving up for a property deposit incredibly difficult: the HL Savings and Resilience Barometer found renters were less likely to have money left over at the end of the month than anyone else, and less likely to have savings to fall back on. On average, they have just £79 left at the end of the month.
“It means saving for a deposit is as difficult as it is essential if people are to escape the vicious rental cycle. They need all the help they can get, whether that’s from family helping out or taking advantage of free money from the government through a Lifetime ISA.”
This article is taken from Landlord Today