Private rent and house prices, UK: October 2024

October 16, 2024
Kerb appeal

  • Average UK private rents increased by 8.4% in the 12 months to September 2024 (provisional estimate); this is unchanged from the 12 months to August 2024.
  • Average rents increased to £1,336 (8.5%) in England, £760 (8.3%) in Wales, and £973 (7.2%) in Scotland, in the 12 months to September 2024.
  • In Northern Ireland, average rents increased by 9.5% in the 12 months to July 2024.
  • In England, rents inflation was highest in London (9.8%) and lowest in the South West and Yorkshire and The Humber (6.3%), in the 12 months to September 2024.
  • Average UK house prices increased by 2.8% to £293,000 in the 12 months to August 2024 (provisional estimate); this annual growth rate is up from 1.8% in the 12 months to July 2024.
  • Average house prices increased in England to £310,000 (2.3%), in Wales to £223,000 (3.5%), and in Scotland to £200,000 (5.4%), in the 12 months to August 2024.

 

UK private rent and house prices

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

Average UK house prices increased by 2.8% (provisional estimate), to £293,000, in the 12 months to August 2024. This annual growth was up from 1.8% in the 12 months to July 2024, and was the sixth consecutive month with an annual increase in prices after eight months of annual decreases.

House prices by country and English region

The average house price for England was £310,000 in August 2024, up 2.3% (£7,000) from a year earlier. This annual rise was higher than in the 12 months to July 2024 (1.3%).

The average house price for Wales was £223,000 in August 2024, up 3.5% (£8,000) from a year earlier. This annual rise was higher than in the 12 months to July 2024 (1.5%).

The average house price for Scotland was £200,000 in August 2024, up 5.4% (£10,000) from a year earlier. This annual rise was higher than in the 12 months to July 2024 (5.0%).

The average house price for Northern Ireland was £185,000 in Quarter 2 (Apr to June) 2024, up 6.4% (£11,000) from Quarter 2 a year earlier.

Read the full report here 

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