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

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