ONS Private Rent and House Prices Index- May 2026
The latest ONS house price figures show that the sales market that is broadly flat. Average UK house prices were unchanged year-on-year at £268,000 in March 2026, with annual house price inflation slowing from 1.7% in February to 0.0% in March.
Main points
Average UK monthly private rents increased by 3.5%, to £1,381, in the 12 months to April 2026 (provisional estimate); this annual growth rate is up from 3.4% in the 12 months to March 2026.
Average rents increased to £1,438 (3.5%) in England, £834 (4.9%) in Wales, and £1,019 (2.0%) in Scotland, in the 12 months to April 2026.
In Northern Ireland, average rents increased to £877 (4.0%), in the 12 months to February 2026.
In England, private rents annual inflation was highest in the North East (6.5%), and lowest in London (2.0%), in the 12 months to April 2026.
Average UK house prices remained unchanged (0.0%), at £268,000, in the 12 months to March 2026 (provisional estimate); this annual growth rate is down from 1.7%, in the 12 months to February 2026.
The annual UK house price inflation rate slowed because average monthly prices fell by 0.4% between February and March 2026, compared with a large monthly rise of 1.2% in the same period a year ago; this happened ahead of the April 2025 changes to Stamp Duty Land Tax, in England and Northern Ireland.
Average house prices decreased to £290,000 (negative 0.6%) in England, and increased to £213,000 (2.9%) in Wales and £187,000 (1.6%) in Scotland, in the 12 months to March 2026.
Commenting on house prices, Nathan Emerson, CEO of Propertymark, comments:
“Static house prices point to a market that is stabilising after a prolonged period of economic uncertainty and higher borrowing costs.
“From an agent perspective, the market remains active but measured. Buyers are continuing to view and make offers, but they are negotiating more carefully and remain highly conscious of value and monthly mortgage costs.
“Sellers are increasingly having to price realistically to generate interest, and homes that are presented well and aligned to local market conditions are continuing to move. Stability may help rebuild confidence, particularly among first-time buyers who have been waiting for greater certainty around mortgage rates.”
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Commenting on rental prices, Nathan Emerson, CEO of Propertymark, comments:
“Today’s figures underline the continuing imbalance between tenant demand and the supply of homes available to rent. While figures released today show an easing of inflation compared to the previous month, rents are still moving upwards because supply remains constrained in many local markets.
“Agents on the ground continue to report strong competition for good-quality rental homes, particularly for family properties and homes close to transport links and employment hubs. Many landlords are still weighing up rising costs, taxation and regulation, which is limiting the number of homes coming onto the market.
“What we are seeing is a supply issue rather than excessive demand. Without measures that support investment in the private rented sector, affordability pressures are likely to continue.”
Commenting on the figures, Kevin Shaw, National Sales Managing Director of LRG said:
Today’s figures point to a housing market that is keeping calm and carrying on.
There is plenty going on in the wider economy. Inflation is down, largely because of the energy price cap, but petrol prices are higher, unemployment has edged up and the conflict in the Middle East is creating uncertainty. Some will call this the lull before the storm – but that is not what we are seeing on the ground.
For the sales market, the fact that average house prices are essentially unchanged is not bad news – it is a sign of stability. A flat market is far healthier than a volatile one. If house prices are not moving significantly while wages are still rising, then in real terms property is becoming a little more affordable. That is good news, particularly for first-time buyers.
The interest rate picture also looks more settled than it did a month ago. We are not expecting the Bank of England to move rates in the immediate term. A few weeks ago, a June rate rise looked likely, but now we are looking to a next rise in the autumn, if at all. That pause gives buyers and sellers some much needed certainty.
Mortgage rates have continued to ebb and flow, but there is healthy competition among lenders and many good products available, particularly targeted at first-time buyers.
From LRG’s perspective, April was strong and May has started positively. We are not seeing evidence of an imminent dip. Price remains the determining factor, buyers have more choice than they did, supply is healthier and vendors are showing flexibility, all of which creates a market in which deals can happen.
There is never a perfect time to move. In the last decade, buyers and sellers have had to deal with Covid, Brexit, Ukraine and the ‘disastrous mini budget’ of 2022. The difference now is that people seem more philosophical. Rather than reacting to every headline, they are assessing their own circumstances and, where the numbers work, they are getting on with it.
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