![]() ![]() Annual UK private rental price percentage change by country England Our Measuring rents: stock versus flow blog post explains how we measure price change in the IPHRP. This is because the IPHRP reflects price changes for all private rental properties, rather than only newly advertised rental properties. Supply and demand pressures can take time to be reflected in the Index of Private Housing Rental Prices (IPHRP). With rising demand still being met with weakening supply, RICS reported that rental prices are expected to rise higher over the near term. The Royal Institution of Chartered Surveyors (RICS) reported in their June 2023 UK Residential Market Survey that tenant demand increased in June while new landlord instructions have fallen to the lowest amount since May 2020. This means that pressure on rent prices remains, with a majority of responding agents reporting rents increasing month-on-month on average. The mismatch between supply and demand continued to grow in June, with figures showing a 57% increase in the mismatch since June 2022. The Association of Residential Letting Agents (ARLA) state in their June 2023 Housing Insight Report that the number of new prospective tenants remained strong in June compared with May, while stock levels remain insufficient. This is the highest annual percentage change in London since September 2012. Private rental prices in London (which accounts for almost a third of UK rental expenditure) increased by 5.3% in the 12 months to June 2023, up from an increase of 5.1% in the 12 months to May 2023. In the 12 months to June 2023, rental prices for the UK (excluding London) increased by 5.1%, up from an increase of 4.9% in the 12 months to May 2023. The annual percentage change in rents increased across all regions in 2022, including in London, and this has continued in early 2023. Annual growth was seen across all regions except London, where prices decreased. The annual growth rate of private rental prices in the UK began to increase in the second half of 2021. Private rental prices paid by tenants in the UK increased by 5.1% in the 12 months to June 2023, representing the largest annual percentage change since this UK data series began in January 2016. Updated Northern Ireland data will be available for publication on 16 August 2023 and will be used to revise UK estimates for May 2023 and June 2023.ĭownload this chart Figure 1: The UK annual private rental price percentage change rose to 5.1% in the 12 months to June 2023 Image To estimate UK figures up to June 2023, Northern Ireland’s April 2023 index has been carried forward. ![]() ![]() Northern Ireland data are currently available up to April 2023. More information is available in Section 9: Strengths and limitations. Data presented are classified as Experimental Statistics. ![]()
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