Average rents increased by 8.6% to £1,310 in England, 8.2% to £743 in Wales, and 8.4% to £959 in Scotland, in the 12 months to June.

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

In England, rents inflation was highest in London at 9.7% and lowest in the North East at 5.9%, in the 12 months to June.

On a regional basis, London was the English region with the highest rents inflation in the 12 months to June 2024, at 9.7%, down from 10.1% in the 12 months to May.

This figure was below the record-high annual rise of 11.2% in March 2024.

London’s annual inflation rate slowed because average rent prices rose more slowly in June 2024 compared to a year earlier.

Rents annual inflation was lowest in the North East, at 5.9% in June 2024, down from 6.1% in May 2024, which was the joint record-high annual rise with February 2023 and March 2024.

In June 2024, the average rent was highest in London at £2,098 and lowest in the North East at £669.

Propertymark chief executive officer Nathan Emerson says: “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.”

Shawbrook managing director Emma Cox states: “Professional landlords will be hoping for some post-election pricing consistency, and will also be keeping an eye out for any announcements from the new Government which may have an impact on the buy-to-let market. For the time being, landlords will be keeping a watchful eye on prices and rates to explore any opportunities to expand their portfolios.”

Zero Deposit chief executive officer Sam Reynolds adds: “Much of the noise leading up to the election was predictably focussed on the housing market, however, with rents continuing to climb, it’s imperative our new Government gives the current rental crisis the focus it deserves.”

“Today’s figures give a sense of the task ahead of the Labour government. We need more rental homes and ultimately, it is what they’ll be judged on as the single most important initiative to solve the demand-supply imbalance and the considerable rental cost inflation.”

“There are other welcome, progressive changes that give fair protection to tenants and genuine stimulus for landlords to engage in the sector with ambition – but fundamentally, we need more rental properties to control spiralling costs.”