The UK Rental Market in 2024: A Story of Change and Contrast
This graphic highlights the average rent paid for new private tenancies across the 12 UK regions in 2024.
Unsurprisingly, London sits at the top, with rents averaging a staggering £2,883 per calendar month – just under double the next highest region.
Here’s the full list, ranked by average rent:
- London – £2,883 pcm
- South East – £1,801 pcm
- South West – £1,633 pcm
- East Anglia – £1,388 pcm
- North West – £1,143 pcm
- Wales – £1,139 pcm
- West Midlands – £1,126 pcm
- Scotland – £1,119 pcm
- East Midlands – £1,066 pcm
- Yorkshire & Humber – £1,061 pcm
- North East – £989 pcm
- Northern Ireland – £928 pcm
While London remains in its own league when it comes to rents, something else stands out: the rate of tenant turnover.
Over the last 12 months, 38.61% of London rental properties came up for relet, compared to just 18.67% in the rest of the UK.
London’s high turnover isn’t surprising given its transient nature – but this movement is slower than pre-pandemic times. In 2019, 42.6% of London rentals changed hands, while for the rest of the UK, it was 25.1%.
What this tells us is that both London and the rest of the UK are seeing fewer tenants move than five years ago. Whether it’s affordability pressures, a tighter rental market, or economic uncertainty, tenants are staying put for longer.
If you are a landlord and wish to discuss how your buy-to-let property compares to others in your area, please contact us for a free no obligation market appraisal.
