ONS House Price Index – November 2024

November 20, 2024

Headlines

  • Average UK private rents increased by 8.7% in the 12 months to October 2024 (provisional estimate); this is up from 8.4% in the 12 months to September 2024.
  • Average rents increased to £1,348 (8.8%) in England, £766 (7.9%) in Wales, and £976 (6.6%) in Scotland, in the 12 months to October 2024.
  • In Northern Ireland, average rents increased by 9.0% in the 12 months to August 2024.
  • In England, rents inflation was highest in London (10.4%) and lowest in Yorkshire and the Humber (5.9%), in the 12 months to October 2024.
  • Average UK house prices increased by 2.9%, to £292,000, in the 12 months to September 2024 (provisional estimate); this annual growth rate is up from 2.7% in the 12 months to August 2024.
  • Average house prices increased in England to £309,000 (2.5%), in Wales to £217,000 (0.4%), and in Scotland to £198,000 (5.7%), in the 12 months to September 2024.

2. UK private rent and house prices

Average UK private rents increased by 8.7% in the 12 months to October 2024 (provisional estimate). This was up from 8.4% in the 12 months to September 2024, but was below the record-high annual rise of 9.2% in March 2024.

Average UK house prices increased by 2.9% (provisional estimate), to £292,000, in the 12 months to September 2024. This annual growth was up from 2.7% in the 12 months to August 2024. Annual inflation has been generally increasing since its low point of negative 2.7% in the 12 months to December 2023.

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

Our new local housing statistics tool summarises the latest private rents and house price statistics for local areas.

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.

3.House prices by country and English region

The average house price for England was £309,000 in September 2024, up 2.5% (£8,000) from a year earlier. This annual rise was higher than in the 12 months to August 2024 (2.2%).

The average house price for Wales was £217,000 in September 2024, up 0.4% (£1,000) from a year earlier. This annual rise was lower than in the 12 months to August 2024 (2.9%).

The average house price for Scotland was £198,000 in September 2024, up 5.7% (£11,000) from a year earlier. This annual rise was higher than in the 12 months to August 2024 (5.3%).

The average house price for Northern Ireland was £191,000 in Quarter 3 (July to Sept) 2024, up 6.2% (£12,000) from Quarter 3 a year earlier.

See the full report here: ONS

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

Breaking News

Homes on spooky street names like ‘bat’ and ‘hell’ sell for far above the national average

The Halloween street names that cost a fortune to live on A new study has determined which Halloween-themed streets are the most expensive to live on.  Streets with the word ‘bat’ in the name face an increase of 188.6% from the national average house price in the UK.  Streets that include the words ‘cauldron’ or…
Read More →
Estate Agent Talk

Why Mortgages Shouldn’t Only Be Accessible for 9–5 Workers

As the modern workforce evolves, mortgage lending criteria are struggling to keep up. Across the UK, thousands of people who earn outside of traditional employment, from content creators and freelancers to contractors and entrepreneurs, are finding themselves locked out of the housing market, despite having stable and often high incomes. According to James Enos, National…
Read More →
Breaking News

Property Sector is in ‘Wait and See’ Mode

Commenting on how the property sector is fully in ‘wait and see’ mode ahead of the Autumn Statement, Daniel Austin, CEO and co-founder at ASK Partners, said: “With the Autumn Statement looming, the property market remains in ‘wait and see’ mode. Buyers are pausing, and developers are holding back amid uncertainty over potential tax changes…
Read More →
Rightmove logo
Breaking News

Rightmove streamlines tenant move-in journey with Renter Checklist

The UK’s largest property platform Rightmove has launched a new checklist for renters, streamlining the process of moving into a new rental home. The checklist guides tenants through each part of the rental process, from finding a property to picking up the keys. The new Renter Checklist is available now in My Rightmove, where people…
Read More →
Breaking News

Industry Reaction to Renters’ Rights Bill Becoming Law

The Renters’ Rights Act has officially received Royal Assent, marking one of the most significant reforms to England’s private rented sector in decades. The new law will ban Section 21 no-fault evictions, replace fixed-term tenancies with open-ended agreements, cap rent increases, and introduce tougher property standards under the updated Decent Homes Standard. It also paves…
Read More →
Rightmove logo
Breaking News

Rightmove data and commentary as Renters’ Rights gets Royal Assent

The UK’s largest property platform Rightmove shares data and commentary on the rental market as the Renters’ Rights Bill finally gets Royal Assent and becomes law. Key market data The average advertised rent of homes outside of London has reached a new record of £1,385 per calendar month (pcm). Average rents outside of London are…
Read More →