London, UK – The latest release of the Private Rental Market Summary Statistics in England reveals the key trends and figures for the period from April 2022 to March 2023. The data, calculated using information from the Valuation Office Agency, provides valuable insights into the rental market in England. Here are the main highlights from the report:
- Rent Prices in England The median monthly rent for the private rental market in England reached a record high of £825 during the specified period. This marks an increase compared to previous years.
The highest median monthly rent was observed in London, where tenants paid an average of £1,500 per month. This figure is nearly double the median rent for England as a whole.
Conversely, the North East region had the lowest median monthly rent at £550.
The difference in monthly rental prices between the most expensive and least expensive local authorities was a significant £2,050.
- Rent Prices by Region London exhibited the highest median monthly rent among all regions in England, with an average of £1,500. The South East region followed closely behind with a median monthly rent of £998. On the other hand, the North East region had the lowest median rent at £550.
Rent prices and the range of rents tended to be higher in the southern regions of England compared to the Midlands and northern regions.
Within London, there was a notable difference between Inner and Outer London rents. Inner London had a median monthly rent of £1,797, while Outer London recorded a median of £1,375.
- Local Authority Analysis The report highlighted significant variations in rental prices across different local authorities.
Kensington and Chelsea, located in Inner London, had the highest median monthly rent in England at £2,500. Conversely, Lewisham, also in Inner London, had the lowest median rent within the same region at £1,350.
For Outer London, Richmond upon Thames had the highest median monthly rent at £1,625, while Sutton had the lowest median rent at £1,175.
The least expensive local authority in terms of median monthly rent was Kingston upon Hull in Yorkshire and The Humber, where tenants paid a median rent of £450.
In the North East region, Newcastle upon Tyne had the highest median monthly rent at £750, while County Durham and Hartlepool had the lowest at £495.
- Private Rental Market, England Data The comprehensive dataset includes median monthly rental prices for the private rental market in England, categorized by bedroom category, region, and local authority. The data was obtained from the Valuation Office Agency and provides a detailed overview of the rental market in England.