ONS House Prices Index for August 2024

August 14, 2024
  • Average UK private rents increased by 8.6% in the 12 months to July 2024 (provisional estimate), unchanged from in the 12 months to June 2024.
  • Average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland, in the 12 months to July 2024.
  • In Northern Ireland, average rents increased by 10.0% in the 12 months to May 2024.
  • In England, rents inflation was highest in London (9.7%) and lowest in the North East (6.1%), in the 12 months to July 2024.
  • Average UK house prices increased by 2.7%, to £288,000, in the 12 months to June 2024 (provisional estimate); this annual growth is unchanged from the revised estimate for the 12 months to May 2024.
  • Average house prices increased in England to £305,000 (2.4%), in Wales to £216,000 (1.8%), and in Scotland to £192,000 (4.3%), in the 12 months to June 2024.

In recent periods, the total transaction volumes and new build volumes available to calculate UK House Price Index estimates have been lower than usual.

Users should be aware that revisions may be larger than usual and should note the considerably greater uncertainty around new build prices.

We are developing our Northern Ireland private rent statistics and aim to use our Price Index of Private Rents (PIPR) methodology for Northern Ireland from March 2025. This will enable us to produce average rent levels for Northern Ireland and the UK, and comparisons with Great Britain.

2. UK private rent and house prices

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

Average UK house prices increased by 2.7% (provisional estimate), to £288,000, in the 12 months to June 2024. This was unchanged annual growth from the 12 months to May 2024 (revised estimate), and was the fourth consecutive month with an annual increase in prices, following eight months of annual falls in prices.

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.

3. House prices by country and English region

The average house price for England was £305,000 in June 2024, up 2.4% (£7,000) from a year earlier. This annual rise was lower than in the 12 months to May 2024 (2.5%).

The average house price for Wales was £216,000 in June 2024, up 1.8% (£4,000) from a year earlier. This annual rise was lower than in the 12 months to May 2024 (1.9%).

The average house price for Scotland was £192,000 in June 2024, up 4.3% (£7,000) from a year earlier. This annual rise was higher than in the 12 months to May 2024 (3.1%).

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.

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/privaterentandhousepricesuk/august2024

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

Home and Living

10 budget patio ideas for beginners in landscaping

Creating an inviting outdoor space doesn’t have to break the bank. With a bit of creativity and some elbow grease, you can transform your backyard into a relaxing retreat. Whether you’re looking to build a brand-new area or revamp an existing one, these budget-friendly patio ideas will inspire you to create a stylish and functional…
Read More →
Home and Living

Top 5 Irrigation System Providers in the UK

A thriving allotment or kitchen garden is the pride of all plant lovers and allotment growers. However, maintaining an allotment or garden is not for the faint of heart. You need to put in a lot of effort, from mulching and composting to regular watering and weeding. Apart from watering, everything else needs to be…
Read More →
Breaking News

Mortgage affordability on course for 2021 levels

Mortgage affordability could be on course to return to its most manageable level in almost five years, according to exclusive new analysis from INTEREST by Moneyfacts, as easing rates and rising incomes restore some breathing space for borrowers. The research shows that average mortgage payments, which peaked at close to half of gross monthly income…
Read More →
Breaking News

City house prices soar

The latest research from Property DriveBuy reveals that house prices in UK cities are significantly outperforming both coastal and countryside locations, rising by an average of 3.4% over the past year, well ahead of the wider UK market which has seen growth of 2.5%. And while countryside homes have also seen a price increase, the…
Read More →
Breaking News

Buyers return to housing market

2026 starts in line with 2024 with buyer demand 9% down on last year’s strong start Buyers are returning to the housing market at the start of 2026 as confidence improves and mortgage rates fall, but a growing number of homes for sale is giving buyers more choice and reshaping market conditions, according to Zoopla’s…
Read More →
Breaking News

How will tenants be affected by the incoming Renters’ Rights Act?

On 28th October 2025, the Renters’ Rights Bill was passed into law, and it is now the Renters’ Rights Act. Changes to legislation resulting from this new Act will take effect from May 2026. This will affect landlords and how they let out their property, and it is worthwhile being aware of how it affects…
Read More →