Private rental prices paid by tenants in the UK rose by 4.0% in the 12 months to November 2022, up from 3.8% in the 12 months to October 2022.
Annual private rental prices increased by 3.9% in England, 3.1% in Wales and 4.4% in Scotland in the 12 months to November 2022.
The East Midlands saw the highest annual percentage change in private rental prices (5.1%), while London and the North East saw the lowest (3.5%).
Private rental prices paid by tenants in the UK increased by 4.0% in the 12 months to November 2022, representing the largest annual percentage change since this data series began in January 2016.
The annual change in UK private rental prices paid by tenants remained steady between November 2019 and the end of 2020. The annual percentage change in rents slowed in early 2021, which was driven by the slowdown, and later reduction, of London rental prices. This may have reflected lower demand in London because of the coronavirus (COVID-19) pandemic. For example, remote working meant workers no longer needed to live close to offices, and housing preferences changed.
Private rental prices in the UK increased in late 2021, with widespread annual growth across all regions except London, where prices decreased. The annual percentage change in rents has increased across all regions in 2022, including in London, reaching the largest UK annual percentage change recorded since this data series began in January 2016.
In the 12 months to November 2022, rental prices for the UK (excluding London) increased by 4.2%, up from an increase of 4.1% in October 2022. Private rental prices in London increased by 3.5% in the 12 months to November 2022, up from an increase of 3.0% in October 2022. This is the strongest annual percentage change in London since April 2016. Despite this, no English region had a weaker rental price annual percentage change than London in November 2022.
The Association of Residential Letting Agents (ARLA) reported in their Housing Insight Report that they are now seeing a slight decrease in the number of prospective tenants registered per branch because of the ongoing lack of supply. ARLA also reported an increase in rent prices was seen across the UK.
The Royal Institution of Chartered Surveyors (RICS') UK Residential Market Survey reported tenant demand remained strong across the lettings market, driving rents higher.
These supply and demand pressures can take time to feed through to the Index of Private Housing Rental Prices (IPHRP). This is because the IPHRP reflects price changes for all private rental properties, rather than only newly advertised rental properties. Our recent Measuring rents: stock vs flow blog explains how we measure price change in the IPHRP.
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In England, private rental prices increased by 3.9% in the 12 months to November 2022. When London is excluded from England, private rental prices increased by 4.1% in the 12 months to November 2022. Both of these figures reflect the highest annual percentage change since this data series began in January 2006.
Private rental prices in Wales increased by 3.1% in the 12 months to November 2022. This is down from an increase of 3.2% in October 2022.
Private rental prices in Scotland increased by 4.4% in the 12 months to November 2022. This is up from an increase of 4.2% in October 2022, and is the highest annual percentage change since this data series began in 2012.
The annual percentage change for Northern Ireland in November 2022 was 9.5%. This was higher than for the other countries of the UK. Northern Ireland data have been carried forward since September 2022. Northern Ireland data will be updated in our Index of Private Housing Rental Prices, UK bulletin to be published on 18 January 2023.
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Focusing on the English regions, the largest annual rental price percentage change in the 12 months to November 2022 was in the East Midlands at 5.1%.
The lowest annual rental price percentage change in the 12 months to November 2022 was in London and the North East, both at 3.5%.
Figure 6: London rental prices experienced larger peaks and troughs than other regions
Index of Private Housing Rental Prices percentage change over 12 months, by English region, January 2007 to November 2022
- The grey line shows England's 12-month average rental price percentage change.
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Index of Private Housing Rental Prices, UK: monthly estimates
Dataset | Released 14 December 2022
Rental price statistics historical data time series (indices and annual percentage change).
Index of Private Housing Rental Prices, UK: annual weights analysis
Dataset | Released 23 March 2022
Aggregate weights information used in the experimental Index of Private Housing Rental Prices (IPHRP).
Measures of owner occupiers' housing costs
Dataset | Released 24 March 2021
Monthly historical time series for all three approaches to measuring owner occupiers' housing costs -- payments, rental equivalence and net acquisitions -- including contributions to growth from the different approaches, UK.
Measures of owner occupiers' housing costs: weights analysis
Dataset | Released 24 March 2021
Aggregate inflation measure for owner occupiers' housing costs (OOH). Includes monthly time series and weights for all three approaches of measuring OOH -- payments, rental equivalence and net acquisitions -- aggregated with the Consumer Price Index (CPI), UK.
Index of Private Housing Rental Prices (IPHRP)
The IPHRP measures the change in the price that tenants face when renting residential property from private landlords.
Administrative data are data that people have already provided to the government through day-to-day activities, for example, health records, social security payments or educational attainment information.Back to table of contents
Economic statistics governance after EU exit
More information regarding the new governance following UK's exit from the EU is available in our previous release.
Following the Digital Economy Act 2017, the Office for National Statistics (ONS) gained access to Valuation Office Agency (VOA) private rental microdata. We aim to redevelop the Index of Private Housing Rental Prices (IPHRP) and private rental market summary statistics (PRMS) to produce mix-adjusted average rental prices that are comparable over time. We also aim to refine geography to lower geographic levels, to better meet user needs.
An overview of the methodology that we intend to use is available in The redevelopment of private rental prices statistics, intended methodology. We will now need to spend more time ensuring the production system is developed on a strategic platform and is sustainable. This has resulted in our initial timetable being out of date. More information and an updated timetable for these developments is available in our Private rental prices development plan: updated February 2022. If you have any queries or feedback on these developments, please email firstname.lastname@example.org.
The IPHRP is created using administrative data. This means that the index makes use of data that are already collected for other purposes to estimate rental prices. The sources of private rental prices are the VOA, Scottish Government, Welsh Government and Northern Ireland Housing Executive (NIHE). Data for Northern Ireland also include data provided by Propertynews.com.
The sources of the annually updated Index of Private Housing Rental Prices, UK: annual weights analysis dataset are the Department for Levelling Up, Housing and Communities (DLUHC), Scottish Government, Welsh Government, NIHE and VOA.
The IPHRP's indices are updated on a monthly basis with the new monthly estimate. Data are indexed with January 2015 as a base year. Data for England are provided from January 2005, data for Wales from January 2009 and data for Scotland from January 2011. UK data are from January 2015.
More information on strengths, limitations, appropriate uses, and how the data were created is available in our Index of Private Housing Rental Prices Quality and Methodology Information (QMI)Back to table of contents
The Index of Private Housing Rental Prices (IPHRP) is constructed using large administrative sources, specified in Section 7: Measuring the data. Annually, over 450,000 private rental prices are collected in England, 30,000 in Wales, 25,000 in Scotland and 15,000 in Northern Ireland. The index not only measures the change in newly advertised rental prices, but reflects price changes for all private rental properties.
The IPHRP is published as price indices, rather than average prices. It is also only published down to a country and regional level. While actual rental prices cannot currently be published in the IPHRP because of data access constraints, we are actively working to acquire the necessary data.
The IPHRP is released as Experimental Statistics, and is subject to revisions if improvements in the methodology are identified. Results should be interpreted with this in mind.Back to table of contents
Office for National Statistics (ONS), released 14 December 2022, ONS website, statistical bulletin, Index of Private Housing Rental Prices, UK: November 2022