The graphic below highlights the average rent paid for new private tenancies across the 12 UK regions in 2024.
Unsurprisingly, London sits at the top, with rents averaging a staggering £2,883 per calendar month – just under double the next highest region.
Here’s the full list, ranked by average rent:
- London – £2,883 pcm
- South East – £1,801 pcm
- South West – £1,633 pcm
- East Anglia – £1,388 pcm
- North West – £1,143 pcm
- Wales – £1,139 pcm
- West Midlands – £1,126 pcm
- Scotland – £1,119 pcm
- East Midlands – £1,066 pcm
- Yorkshire & Humber – £1,061 pcm
- North East – £989 pcm
- Northern Ireland – £928 pcm
While London remains in its own league when it comes to rents, something else stands out: the rate of tenant turnover.
Over the last 12 months, 38.61% of London rental properties came up for relet, compared to just 18.67% in the rest of the UK.
London’s high turnover isn’t surprising given its transient nature – but this movement is slower than pre-pandemic times. In 2019, 42.6% of London rentals changed hands, while for the rest of the UK, it was 25.1%.
What this tells us is that both London and the rest of the UK are seeing fewer tenants move than five years ago. Whether it’s affordability pressures, a tighter rental market, or economic uncertainty, tenants are staying put for longer.
If you are a Northampton landlord and wish to discuss how your Northampton buy-to-let property compares to others in the town, please call us on 01604 621 621 or email on northampton@belvoir.co.uk.
