Household rent to income ratio in the UK 2023-2024, by region

The average cost of rent to household income ratio increased in most regions in the United Kingdom (UK) between July 2023 and July 2024. London had the highest household rent to income ratio, but in the North East, the increase was most dramatic. 

Greater London is the most expensive region for renters

Greater London has a considerably higher rent than the rest of the UK regions. In 2024, the average rental cost in Greater London was more than twice higher than in the North West or West Midlands. Compared with Greater London, rent in the South East region was about 600 British pounds cheaper. 

London property prices continue to increase

In recent years, house prices in the UK have been steadily increasing, and the period after the COVID-19 pandemic has been no exception. Prime residential property prices in Central London are forecast to continue rising until 2027. A similar trend in prime property prices is also expected in Outer London.