Today’s latest rental market figures from the Office for National Statistics showed average UK private rents increased by 8.6% in the 12 months to June 2024 which means average rents increased to £1,310 (8.6%) in England, £743 (8.2%) in Wales, and £959 (8.4%) in Scotland, in the 12 months to June 2024.
Nathan Emerson CEO of Propertymark comments: “There has been much insecurity across the rental market over recent years due to aspects such as uncertainty surrounding the Renters’ Reform Bill, increases in taxes, and a lack of clarity regarding regulation. In real terms, this anxiety has impacted new investment and, in extreme cases, has even prompted landlords to leave the sector, further compounding the issue surrounding available housing stock.
“The rental sector urgently needs investment to keep pace with demand, and Propertymark is keen to see the UK Government closely review all elements and generate new legislation that promotes investment, but above all, provides full fairness to both landlords and tenants alike.”
Sam Reynolds, CEO of Zero Deposit commented: “Much of the noise leading up to the election was predictably focussed on the housing market, however, with rents continuing to climb, it’s imperative our new Government gives the current rental crisis the focus it deserves.
Today’s figures give a sense of the task ahead of the Labour government. We need more rental homes and ultimately, it is what they’ll be judged on as the single most important initiative to solve the demand-supply imbalance and the considerable rental cost inflation.
There are other welcome, progressive changes that give fair protection to tenants and genuine stimulus for landlords to engage in the sector with ambition – but fundamentally, we need more rental properties to control spiralling costs.”
