Close Menu
WTX News
    Facebook X (Twitter) Instagram
    Trending
    • Arrests made at protest for Palestine Action in London
    • Jamie Overton replaces Saqib Mahmood in England XI for third ODI
    • Sure! Here’s the text without the site name, category, date, and full stops: “It blew my mind as a kid” TV fans reveal best sci-fi series ever
    • Israel warns Gaza City residents to flee south to humanitarian area
    • Mauricio Pochettino ‘shocked’ by Daniel Levy’s Tottenham exit
    Facebook X (Twitter) Instagram YouTube
    WTX News
    • Live News
      • US News
      • EU News
      • UK News
      • Politics
      • COVID-19
      • Business
      • Tech zone
    • World news
      • Middle East News
        • UAE News
        • Palestine News
      • Europe
        • Italian News
        • Spanish News
      • Africa news
      • South America
      • North America
      • Asia
    • News Briefings
      • UK News Briefing
      • World News Briefing
      • Live Business News
    • Sports
      • Football News
      • Tennis
      • Women’s Football
    • MY World
      • Climate Change
      • In Review
      • Expose
      • Special Reports
        • Conscience Convoy
        • Rohingya Report
    • Entertainment
      • Insta Talk
      • Royal Family
      • Gaming News
      • TV Shows
      • Streaming
    • Lifestyle
      • Fitness
      • Fashion
      • Cooking recipes
      • Luxury
      • Money Saving Expert
    • Travel
      • Culture
      • Holidays
    • Sign Up
      • Log In
    WTX News
    • Live News
    • World news
    • News Briefings
    • Sports
    • MY World
    • Entertainment
    • Lifestyle
    • Travel
    • Sign Up
    Home - Business - Average rent across the UK reaches record high
    Business Updated:October 16, 2024

    Average rent across the UK reaches record high

    By David Pike5 Mins Read
    Facebook Twitter LinkedIn Email Telegram WhatsApp
    Average rent across the UK reaches record high

    Average rent across the UK reaches record high

    Rent prices outside London have hit a new record high.

    Prices outside the capital have now reached £1,344 on average per month, having increased by 5.2% annually, according to a property website.

    The average rent advertised for London properties also reached a new record of £2,694 per month, which was 2.5% higher than a year earlier, Rightmove said.

    The figures cover the third quarter of 2024 across Britain.

    Rightmove said the average number of inquiries per rental property is now 15, down from 23 last year, but nearly double the eight recorded in 2019.

    The supply of homes available to rent has increased annually but is still below 2019 levels, Rightmove said.

    It added that asking rents on more than a fifth (21%) of properties are being reduced before a tenant is found.

    This is up from one in six (16%) last year.

    As well as a higher proportion of asking rent reductions, Rightmove also said there were signs of some landlords selling up, with 18% of homes for sale being previously available to rent, up from 8% in 2010.

    Rightmove’s director of property science Tim Bannister said: “While we’re seeing some signs of improvement in the market’s chronic levels of demand and supply imbalance helped by a slight increase in the number of available rental properties, affordability remains a key challenge for renters as prices continue to hit new records.

    “Tenant competition has eased slightly from last year, but the market is still far from balanced.”

    Nathan Emerson, chief executive of property professionals’ body Propertymark, said: “Landlords have faced continuous financial and regulatory hurdles with many having to pass on certain costs by raising rents just to break even on their increasing expenditure.”

    The news comes as Home buyers have been told they could save nearly £50,000 on average by purchasing a property in a new town, compared with house prices generally.

    The average house price in a new town is £300,656, compared with a UK average of £346,995, Halifax said.

    Over the past three decades, the average price of a new town-located property has risen by 441%, slightly lagging behind the average for the whole of the UK, where prices are up by 454%.

    Some new towns have seen property prices increase by significantly more.

    Crawley in West Sussex tops the list, with property prices surging by 543% since 1994, from £63,712 to £409,836.

    Craigavon in Northern Ireland was placed second, having seen the average house price increase by 524%, from £31,189 to £194,560.

    With its “magic roundabout” and handy commuting distance to London, Hemel Hempstead in the South East of England has experienced a 520% jump in the average house price, from £70,502 to £436,986.

    The biggest percentage difference compared with the wider region was found in Peterlee, County Durham.

    The average house price in Peterlee of £127,853 is 41% below that of the North East of England as a whole (£218,228).

    Peterborough in Cambridgeshire was placed next, with properties costing 27% less on average than the East of England (£292,103 versus £402,248).

    A major push for new towns followed the Second World War, driven by the need to rebuild and provide housing for those displaced by bombing and demolition programmes.

    This research is based on data from the Halifax’s own housing statistics database. The prices used were averages for the 12 months to August in a given year.

    An aerial view of Leverstock Green, near Hemel Hempstead (Steve Parsons/PA Wire)

    – Here are the top 10 new towns for house price growth over the past 30 years, according to Halifax, with the average house price in 1994, the average in 2024 and the percentage increase:

    1. Crawley, South East, £63,712, £409,836, 543%

    2. Craigavon, Northern Ireland, £31,189, £194,560, 524%

    3. Hemel Hempstead, South East, £70,502, £436,986, 520%

    4. Northampton, East Midlands, £55,518, £337,421, 508%

    5. Milton Keynes, South East, £69,464, £419,005, 503%

    6. Corby, East Midlands, £46,465, £275,709, 493%

    7. Basildon, South East, £56,024, £327,314, 484%

    8. Stevenage, South East, £63,639, £364,132, 472%

    9. Antrim, Northern Ireland, £39,482, £223,110, 465%

    10. Peterborough, East of England, £51,838, £292,103, 463%

    – And here are the top 10 new towns with the biggest discount to regional property price in 2024, according to Halifax, with the regional average house price followed by the new town average house price and the typical percentage “discount” for people buying in a new town:

    1. Peterlee, North East, £218,228, £127,853, 41%

    2. Peterborough, East of England, £402,248, £292,103, 27%

    3. Skelmersdale, North West, £264,362, £193,095, 27%

    4. Irvine, Scotland, £243,707, £178,322, 27%

    5. Basildon, South East, £444,096, £327,314, 26%

    6. Washington, North East, £218,228, £165,157, 24%

    7. Runcorn, North West, £264,362, £203,658, 23%

    8. Harlow, South East, £444,096, £345,248, 22%

    9. Glenrothes, Scotland, £243,707, £194,691, 20%

    10. Cumbernauld, Scotland, £243,707, £198,184, 19%

    – And here are the top 10 new towns for the least expensive, first-time buyer, property price in 2024, according to Halifax, with the average price of a first-time buyer home and the typical percentage discount compared with the wider region:

    1. Peterlee, North East, £108,256, 39%

    2. Washington, North East, £119,625, 32%

    3. Skelmersdale, North West, £146,527, 35%

    4. Irvine, Scotland, £153,641, 22%

    5. Cumbernauld, Scotland, £153,680, 22%

    6. Glenrothes, Scotland, £167,563, 15%

    7. Newton Aycliffe, North East, £167,965, 5%

    8. Runcorn, North West, £172,483, 23%

    9. East Kilbride, Scotland, £181,782, 8%

    10. Derry/Londonderry, Northern Ireland, £183,670, 1%

    https://www.independent.co.uk/news/uk/home-news/rent-price-average-uk-london-b2629666.html

    London news Renting The Independent UK featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp
    Previous ArticleLucy Letby initially failed her student nurse placement after lack of empathy, inquiry finds
    Next Article Assisted dying: What is the current law and will it change?
    David Pike

    David Pike is an experienced news journalist with over 20 years experience as a UK News editor for WTX News and other news publications.

    Related Posts

    Arrests made at protest for Palestine Action in London
    London

    Arrests made at protest for Palestine Action in London

    Israel warns Gaza City residents to flee south to humanitarian area
    UK News

    Israel warns Gaza City residents to flee south to humanitarian area

    100 firefighters tackling blaze at former BBC television centre in London’s White City
    London

    100 firefighters tackling blaze at former BBC television centre in London’s White City

    President Trump signs order rebranding Pentagon as the Department of War
    UK News

    President Trump signs order rebranding Pentagon as the Department of War

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Advertisment
    News Headlines
    Arrests made at protest for Palestine Action in London

    Arrests made at protest for Palestine Action in London

    Israel warns Gaza City residents to flee south to humanitarian area

    Israel warns Gaza City residents to flee south to humanitarian area

    Save 70% on VIP subscription
    News Briefings - the way to a better life
    News Briefings - the way to a better life
    Advert by Sponsors
    More from WTX News
    The latest gaming news - with game reviews and tips and tricks. updated 24 hours a day.
    The latest gaming news
    Hot off the press!
    • Arrests made at protest for Palestine Action in London September 6, 2025
    • Jamie Overton replaces Saqib Mahmood in England XI for third ODI September 6, 2025
    • Sure! Here’s the text without the site name, category, date, and full stops: “It blew my mind as a kid” TV fans reveal best sci-fi series ever September 6, 2025
    • Israel warns Gaza City residents to flee south to humanitarian area September 6, 2025
    • Mauricio Pochettino ‘shocked’ by Daniel Levy’s Tottenham exit September 6, 2025
    wtx news brings you the latest news, a UK news briefing, Sports analysis, and premier league news with a special round-up of Business and crypto updates
    Facebook X (Twitter) TikTok Instagram

    News

    • World News
    • UK News
    • US News
    • EU News
    • Business
    • Opinions
    • News Briefing
    • Live News

    Company

    • About WTX News
    • Register
    • Advertising
    • Work with us
    • Contact
    • Community
    • GDPR Policy
    • Privacy

    Services

    • Fitness for free
    • Insta Talk
    • How to guides
    • Climate Change
    • In Review
    • Expose
    • NEWS SUMMARY
    • Money Saving Expert

    News delivered to your inbox

    Copyright WTX News 2025

    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.