Latest official figures from the government’s Office for National Statistics show that average UK private rents increased by 8.6% in the 12 months to June 2024.

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 period.

In Northern Ireland, average rents increased by 10.3% in the 12 months to April – the latest available data.

Nathan Emerson, chief executive 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.”