Private rent and house prices, UK: September 2024

September 18, 2024
how to present your property for sale

The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation.

1.Main points

  • Average UK private rents increased by 8.4% in the 12 months to August 2024 (provisional estimate), down from 8.6% in the 12 months to July 2024.
  • Average rents increased to £1,327 (8.5%) in England, £752 (8.5%) in Wales, and £969 (7.6%) in Scotland, in the 12 months to August 2024.
  • In Northern Ireland, average rents increased by 9.9% in the 12 months to June 2024.
  • In England, rents inflation was highest in London (9.6%) and lowest in the South West (6.4%), in the 12 months to August 2024.
  • Average UK house prices increased by 2.2% to £290,000 in the 12 months to July 2024 (provisional estimate); this annual growth rate is down from 2.7% in the 12 months to June 2024.
  • Average house prices increased in England to £306,000 (1.6%), in Wales to £218,000 (2.0%), and in Scotland to £199,000 (6.0%), in the 12 months to July 2024.

In recent periods, the total transaction volumes and new build volumes available to calculate UK House Price Index (HPI) estimates have been lower than usual. In this release, UK HPI estimates were revised from January 2022 onwards.

2.UK private rent and house prices

Average UK private rents increased by 8.4% in the 12 months to August 2024 (provisional estimate). This was down from 8.6% in the 12 months to July 2024, and was below the record-high annual rise of 9.2% in March 2024.

Average UK house prices increased by 2.2% (provisional estimate), to £290,000, in the 12 months to July 2024. This annual growth was down from 2.7% the 12 months to June 2024, and was the fifth consecutive month with an annual increase in prices, following eight months of annual falls.

HM Land Registry publishes the full UK House Price Index report and monthly data.

UK monthly rents estimates for the latest two months, and UK House Price Index (HPI) estimates for the latest 12 months, are provisional and subject to revision. All statistics are non-seasonally adjusted estimates, unless explicitly stated otherwise.

Full report can be found here.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Letting Agent Talk

Renovating Rental Properties: How to Reduce Costs, Attract the Best Tenants, and Increase Profits Without Unnecessary Investment

Renovation is where many landlords either make or lose their competitive advantage. Spend too little and the property sits empty or attracts unreliable tenants. Spend without strategy and you eat into years of projected profit on upgrades tenants never notice. The sweet spot lies in understanding what drives tenant decision-making and directing every pound toward…
Read More →
Breaking News

Are landlord repossessions set to spike ahead of RRA?

Calm before the storm? Landlord repossessions fell in 2025, but they could now spike ahead of the Renters’ Rights Act New analysis from Inventory Base reveals that the number of landlord possessions fell by almost -8% in 2025, but does the introduction of the Renters’ Rights Act mean that numbers are set to spike in…
Read More →
Breaking News

Breaking Property News 23/2/26

Daily bite-sized proptech and property news in partnership with Proptech-X. RO sees large ROI with CRE atford site sale Sale of 56 Clarendon Road Watford by RO Group to Strides Pharma UK RO Group is pleased to announce the successful sale of 56 Clarendon Road, Watford to Strides Pharma UK, the UK arm of global pharmaceutical…
Read More →
Breaking News

Volume doubles as property market sees strong return of new applicants

Foxtons Lettings Market Index – January 2026 Demand rebounded sharply from December, with registrations up 93% month on month and new renters per instruction up 11% compared to December, reflecting a seasonal uplift in activity at the start of the year. New renters per new instruction fell 12% year on year, indicating that competitive pressure…
Read More →
Rightmove logo
Breaking News

Property valuation leads to agents up 50% on last year

The launch of a new valuation product and AI optimisations to the existing product suite led to a significant uplift in valuation leads for agents from Rightmove in January. Valuation leads grew by 50% in January 2026 compared to the same period last year. The launch of Online Agent Valuation towards the end of 2025 helps connect…
Read More →
Breaking News

Worst areas for landlord eviction waiting times

The latest research industry insight from LegalforLandlords has highlighted where the longest and shortest wait times are when it comes to court hearing dates for landlords who are trying to repossess their properties, with the most overstretched courts found in the likes of Birmingham, Croydon, and Slough. Having analysed internal data on wait times for…
Read More →