October 2024
HomeLet Rental Index
For October 2024, the data shows that the average rental price for a new tenancy in the UK was £1,327.
£1,327 -0.3%
Average UK rent
-0.3%
Change monthly
+3.4%
Change annual
Average monthly UK rent has slightly decreased since last month
The average rent price in the UK for October 2024 is £1,327.
Excluding London, the UK average is now £1,119.
The monthly decrease in October was 0.3%.
Seven regions have seen rent prices decrease since last month.
Average UK rent
The average rent in the UK is now at £1,327, down 0.3% since September. This figure is 3.4% more expensive than in October 2023.
Average UK rent (excluding London)
Excluding London, the average UK rent price has decreased in the past month, down 0.4% to £1,119 PCM. This is 4.8% higher than October 2023.
London's average monthly price
Average rents in the capital have risen in October, with prices 0.5% higher than in September. London rents are now 0.9% more expensive than they were a year ago.
Cheapest rent
The cheapest region in England, the North East, is now just 4.7% more expensive than it was a year ago after dropping 1.5% since September.
Average rent in Yorkshire
Average rents in Yorkshire & Humberside increased to £904 PCM, 0.7% higher than last month and 3.3% higher than October 2023.
Largest MoM decrease
Seven regions in the UK saw a price decrease, however, Scotland's 3.4% monthly drop is the largest.
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 October 2024 HomeLet Rental Index
The table below provides a regional breakdown of the latest average rental values in the UK.
| Region | Oct 24 | Sep 24 | Oct 23 | Monthly Var | Annual Var | £+ PCM |
|---|---|---|---|---|---|---|
| Average | £1,327 | £1,331 | £1,283 | -0.3% | 3.4% | -£4 |
| Average Excl London | £1,119 | £1,124 | £1,068 | -0.4% | 4.8% | -£5 |
| East Midlands | £891 | £887 | £869 | 0.4% | 2.5% | £4 |
| East of England | £1,301 | £1,309 | £1,216 | -0.6% | 7.0% | -£8 |
| London | £2,211 | £2,201 | £2,192 | 0.5% | 0.9% | £10 |
| North East | £709 | £720 | £677 | -1.6% | 4.7% | -£11 |
| North West | £1,069 | £1,068 | £1,016 | 0.1% | 5.2% | £1 |
| Northern Ireland | £879 | £891 | £887 | -1.4% | -0.9% | -£12 |
| Scotland | £967 | £1,001 | £952 | -3.5% | 1.6% | -£34 |
| South East | £1,421 | £1,431 | £1,370 | -0.7% | 3.7% | -£10 |
| South West | £1,197 | £1,213 | £1,140 | -1.3% | 5.0% | -£16 |
| Wales | £911 | £914 | £863 | -0.3% | 5.6% | -£3 |
| West Midlands | £1,020 | £1,014 | £937 | 0.6% | 8.9% | £6 |
| Yorkshire and Humberside | £904 | £898 | £875 | 0.7% | 3.3% | £6 |
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.
Media & data enquiries
You can sign up to receive the latest updates from the HomeLet Rental Index.
For information regarding the HomeLet Rental Index or media enquiries relating to the HomeLet Rental Index please email mediaenquiries@homelet.co.uk