The JLL Big Six Residential Development Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. This report incorporates data from the JLL UK Cities index, comparing changes in prices and rents across mainstream and prime developments in each city.
Average annual rental growth across the Big Six cities stands at 4.2% in December 2024. New stock coming to the market continues to demand higher rents, however more balance between supply and demand has meant average growth returning to single digits for all cities.
Interest rates have remained higher than expected and continue to impact development viability and buyers’ budgets through higher mortgage rates. Average prices for new build apartments have risen 2.1% across the Big Six. Markets with lower average prices, notably Birmingham and Glasgow, have seen the highest price growth.
After a sharp slowdown in the first half of the year, the Big Six build-to-rent market had its most active second half since 2021, bringing full-year investment to £1bn. Though reflecting a 12% year-on-year decline, it was a strong finish to 2024.
