December 2024
HomeLet Rental Index
For December 2024, the data shows that the average rental price for a new tenancy in the UK was £1,284.
£1,284 -1.8%
Average UK rent
-1.8%
Change monthly
+1.3%
Change annual
Average monthly UK rent drops again
The average rent price in the UK for December 2024 is £1,284.
Excluding London, the UK average is now £1,100.
The monthly decrease in December was 1.8%.
All regions apart from one have seen rent prices decrease since last month.
Average UK rent
The average rent in the UK is now at £1,284, down 1.8% since November. This figure is just 1.3% more expensive than in December 2023.
Average UK rent (excluding London)
Excluding London, the average UK rent price has decreased in the past month, down 0.9% to £1,100 PCM. This is 3.7% higher than December 2023.
London's average monthly price
Average rents in the capital have fallen in December, with prices 3.7% lower than in November. London rents are now 2.6% cheaper than they were a year ago.
Cheapest rent
The cheapest region in England, the North East, is now just 2.1% more expensive than it was a year ago after dropping 2.5% since November.
Average rent in Yorkshire
Rents in Yorkshire and Humberside are 0.8% lower than in November. Despite this, they're still 5.0% higher than this time last year.
Monthly increase
The West Midlands is the only region where rents are higher in December 2024 than they were in November 2024. Rents are up 0.2% since last month and 8.6% since December 2023.
The largest and most reliable source of average rental index data in the UK
The Rental Index data is qualified through high-quality tenant referencing, carried out on behalf of over 4,500 UK letting agents. As a group we reference over 1m tenants a year, enabling reporting on newly agreed tenancy applications, with historic data for over 13m tenancy applications.
Rental figures from the December 2024 HomeLet Rental Index
The table below provides a regional breakdown of the latest average rental values in the UK.
| Region | Dec 24 | Nov 24 | Dec 23 | Monthly Var | Annual Var | £+ PCM |
|---|---|---|---|---|---|---|
| Average | £1,284 | £1,307 | £1,268 | -1.8% | 1.3% | -£23 |
| Average Excl London | £1,100 | £1,110 | £1,061 | -0.9% | 3.7% | -£10 |
| East Midlands | £881 | £889 | £875 | -0.9% | 0.7% | -£8 |
| East of England | £1,276 | £1,284 | £1,215 | -0.6% | 5.0% | -£8 |
| London | £2,071 | £2,151 | £2,127 | -3.9% | -2.6% | -£80 |
| North East | £671 | £688 | £657 | -2.5% | 2.1% | -£17 |
| North West | £1,069 | £1,070 | £1,008 | -0.1% | 6.1% | -£1 |
| Northern Ireland | £874 | £881 | £861 | -0.8% | 1.5% | -£7 |
| Scotland | £923 | £938 | £911 | -1.6% | 1.3% | -£15 |
| South East | £1,407 | £1,417 | £1,353 | -0.7% | 4.0% | -£10 |
| South West | £1,142 | £1,168 | £1,138 | -2.3% | 0.4% | -£26 |
| Wales | £882 | £898 | £866 | -1.8% | 1.8% | -£16 |
| West Midlands | £1,021 | £1,019 | £940 | 0.2% | 8.6% | £2 |
| Yorkshire and Humberside | £898 | £905 | £855 | -0.8% | 5.0% | -£7 |
Regional data
You can use our interactive graphs to view the change in rental values over the past two years for each of the reported regions of the UK.
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The HomeLet Market Survey
In November 2022, HomeLet published our Market Survey, in which over 14,000 tenants and landlords provided their views and concerns for the future of the private rented sector (PRS).
As one of the most informative surveys to come out of the industry in recent years, it offers letting agents valuable data and insights which will be extremely useful when planning for the future. Agents need to know the profile and intentions of their customers to be able to advise them, offer the required services and support, and market properties well.
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Methodology
The HomeLet Rental Index incorporates a methodology designed in conjunction with a professor at the London School of Economics. The methodology factors in important elements, such as property type and geography, to create mix adjusted averages. This makes Britain’s most comprehensive rental market benchmark even more insightful. The methodology has been applied retrospectively to our historical rental market data to ensure that the Rental Index can continue to be used to provide analysis of trends in the private rental sector.
The index and average prices are produced using HomeLet’s mix adjusted rental index methodology. This helps to track the representative rental values over time, which factor in changes in the mix of property types and locations of rented properties.
Data is gathered from our tenant referencing service, and our rental amounts are based on actual achieved rental prices with accurate tenancy start dates in a reported month, rather than advertised costs. The data used in the HomeLet Rental Index is aggregated to regional, county and city level only. This ensures that all property or individual records remain strictly anonymous.
The HomeLet Rental Index is prepared from information that we consider is collated with careful attention, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue this report. The HomeLet Rental Index may not be used for commercial purposes; we shall not be liable for any decisions made or action taken in reliance upon the published data.
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