Average residential rent for new-lets in the UK April 2024, by region

The average agreed rent for new tenancies in the UK ranged from 700 British pounds to 2,100 British pounds, depending on the region. On average, renters outside of London paid 1,113 British pounds, whereas in London, this figure amounted to 2,101 British pounds. Housing in the UK is more expensive than in other European countries, largely because of prices in the capital City of London. 

UK rents on the rise

Rents have been on the rise for many years, but the period after the COVID-19 pandemic accelerated this trend. Since 2015, the average rent in the UK increased by about 25 percent, with about half of that gain achieved in the period after the pandemic. One of the main reasons driving up rental prices is the declining affordability of homeownership, as shown by the growing house price to rent ratio.

How expensive is too expensive?

Londoners spent the biggest proportion of their income on rent, more than one third of a household’s income. High rents might have sparked a move away from the capital to other regions in the UK, such as the South East (Brighton and Southampton), the West Midlands (Birmingham) and the North West (Liverpool, Manchester, Blackpool and Preston).