Private rent and house prices, UK: December 2024

December 18, 2024
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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.

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