10th May 2024

UK rents have reached an all-time high, fueled by a growing demand for property that surpasses the supply of new homes available.

According to the latest data from the Office for National Statistics, rents have surged by 9.2% year-on-year, marking the highest annual increase since records began in 2015. This spike brings the average monthly rent in England to £1,285.

The situation is projected to worsen over the next three years, with research from the Resolution Foundation forecasting a further 13% increase in rents by the end of 2027 due to ongoing housing supply shortages.

The number of privately rented households in the UK has doubled since the mid-90s and is expected to rise even further by the end of the decade. This trend is welcomed news for those investing in UK property, particularly in bustling markets like Manchester or Birmingham, where rental growth rates are expected to soar even higher based on current projections and construction rates.