Private rent and house prices, UK: December 2024

December 18, 2024
how to present your property for sale

Main points

  • Average UK private rents increased by 9.1% in the 12 months to November 2024 (provisional estimate); this is up from 8.7% in the 12 months to October 2024.
  • Average rents increased to £1,362 (9.3%) in England, £772 (8.0%) in Wales, and £980 (6.5%) in Scotland, in the 12 months to November 2024.
  • In Northern Ireland, average rents increased by 9.0% in the 12 months to September 2024.
  • In England, rents inflation was highest in London (11.6%) and lowest in Yorkshire and The Humber (5.7%), in the 12 months to November 2024.
  • Average UK house prices increased by 3.4%, to £292,000, in the 12 months to October 2024 (provisional estimate); this annual growth rate is up from 2.8% in the 12 months to September 2024.
  • Average house prices increased in England to £309,000 (3.0%), in Wales to £222,000 (4.0%), and in Scotland to £197,000 (5.5%), in the 12 months to October 2024.

Although still lower than historically, the total transaction volumes and new build volumes available to calculate UK House Price Index (HPI) estimates have increased recently.

2.UK private rent and house prices

Average UK private rents increased by 9.1% in the 12 months to November 2024 (provisional estimate). This was up from 8.7% in the 12 months to October 2024 but was below the record-high annual rise of 9.2% in March 2024.

Average UK house prices increased by 3.4% (provisional estimate), to £292,000, in the 12 months to October 2024. This annual growth was up from 2.8% in the 12 months to September 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 stated otherwise.

House prices by country and English region

The average house price for England was £309,000 in October 2024, up 3.0% (£9,000) from a year earlier. This annual rise was higher than in the 12 months to September 2024 (2.4%).

The average house price for Wales was £222,000 in October 2024, up 4.0% (£8,000) from a year earlier. This annual rise was higher than in the 12 months to September 2024 (0.9%).

The average house price for Scotland was £197,000 in October 2024, up 5.5% (£10,000) from a year earlier. This annual rise was higher than in the 12 months to September 2024 (5.1%).

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.

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

Estate Agent Talk

London basements boost value by up to 20%

The latest market analysis by prime London property brokerage, Jefferies London, reveals that London homebuyers who want to secure a property with a basement face a tough task. Not only do these much sought-after spaces increase a property’s value by up to 20%, but they’re also incredibly rare, found in only 2% of the capital’s…
Read More →
Breaking News

Bailey applies the brakes but ‘two more 2026 cuts priced in’

Vote to hold rates ‘closer than expected’ as Bank of England eyes April for 2% inflation target Focus turns to US and Japan in impact they play on shape of global investment flows says Rathbones’ Head of Market Analysis Kirsten Pettigrew, Senior Financial Planner, warns of making financial decisions based on speculation around rate trajectories…
Read More →
bank of england interest rate
Breaking News

Bank of England to hold interest rates at 3.75%

Following the Bank of England’s decision to hold interest rates at 3.75%, here are some thoughts from the Industry. Matt Smith, Rightmove’s mortgages expert says: “Today’s Bank Rate hold was widely expected given underlying inflation and wage growth data, and it’s currently likely we’ll see the next Bank Rate cut in June. Average mortgage rates…
Read More →
Breaking News

Building Safety Approval Process Urgently Needs Fixing

Bradley Lay, a Leading Construction M&A Expert Calls on Government to Urgently Fix Building Safety Approval Process as Insolvencies Surge A leading UK construction expert has called on the Government to urgently reassess the Building Safety Regulator (BSR) approval process, warning that delays in the current system are “slowly killing the economy”, triggering thousands of…
Read More →
Breaking News

Kickstarting Private Housebuilding is Key to Sector-Wide Recovery

Starts on-site decline by 9% during the three months to January 2026, remaining 16% below 2025 levels Residential construction starts fell by 24% on the preceding three months and 32% against 2025 figures Non-residential project-starts increased by 6% against the preceding three months, finishing 7% up on a year ago Civils work starting on-site remained…
Read More →
Social Housing 2019
Estate Agent Talk

Building the Wrong Homes Won’t Fix Homeownership

For many years, the national discussion about affordable housing has focused on one appealing idea that simply building more houses will make it easier for first-time buyers to own a home, and the issue will fix itself. However, Propertymark’s member agents, working daily in local housing markets across the UK, see a far more complex…
Read More →