february 2024

HomeLet Rental Index

For February 2024, the data shows that the average rental price for a new tenancy in the UK was £1,262.

This icon shows a pound sign alongside an abstract icon of a building in grey.

£1,262 +0.2%

Average UK rent

This icon shows a pound sign alongside an abstract icon of a building in grey.

+0.2%

Change monthly

This icon shows a pound sign alongside an abstract icon of a building in grey with plus and minus symbols alongside it as well as a 12.

+7.4%

Change annual

Average monthly UK rent increases by 0.2% to £1,262

The average rent price in the UK for February 2024 is £1,262.

Excluding London, the UK average is now £1,063.

Monthly rent has fluctuated across every region except for Yorkshire and Humberside which has remained at £852 PCM.

The North East of England remains the cheapest area to rent in the UK, at £665 PCM.

Further details and data tables can be found in the full report.

Average UK rent
£1,262 +7.4%

The average rent in the UK is now at £1,262, up 7.4% on the same time last year but down by 0.2% from last month’s figures.

Average UK rent (excluding London)
£1,063 PCM +0.4%

Excluding London, the average UK rent price is 8.1% higher than last year up to £1,063 PCM and is up by 0.4% compared to January 2024.

London's average monthly price
£2,070 PCM -0.5%

London’s average monthly price has decreased  by 0.5% from last month to £2,070 PCM, but still 4.8% higher than in February 2023.

Cheapest rent
£655 PCM +1.5%

The cheapest region in England, the North East, saw a price increase since January 2024 figures by 1.5% to £655.

Average rent in Wales
£848 PCM -0.9%

Average rents in Wales decreased to £848 PCM, -0.9% less than last month but 6% higher than February 2023.

Largest MoM increase
+1.7%

The South West saw the highest monthly increase of 1.7% from January 2024.

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 January 2024 HomeLet Rental Index

The table below provides a regional breakdown of the latest average rental values in the UK.

RegionFeb-24Jan-24Feb-23Monthly VarAnnual Var £ + PCM
East Midlands£886£881£8070.6%9.79%£5
West Midlands£951£945£8700.6%9.31%£6
South East£1,343£1,349£1,233-0.4%8.92%-£6
Scotland£913£906£8390.8%8.82%£7
East Of England£1,215£1,205£1,1240.8%8.10%£10
Yorkshire & Humberside£852£852£7940.0%7.30%£0
South West£1,165£1,146£1,0921.7%6.68%£19
Wales£848£856£800-0.9%6.00%-£8
North West£1,008£1,002£9510.6%5.99%£6
Northern Ireland£832£841£786-1.1%5.85%-£9
North East£665£655£6291.5%5.72%£10
Greater London£2,070£2,081£1,975-0.5%4.81%-£11
UK£1,262£1,260£1,1750.2%7.40%£2
UK excluding Greater London£1,063£1,059£9830.4%8.14%£4

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.

Catch up with the latest industry news from HomeLet

View all of the latest news, views and tips from HomeLet to stay up to date with the rental industry.

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.

As featured in

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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For information regarding the HomeLet Rental Index or media enquiries relating to the HomeLet Rental Index please email mediaenquiries@homelet.co.uk