Private rent and house prices, UK: October 2024

October 16, 2024
Kerb appeal

  • Average UK private rents increased by 8.4% in the 12 months to September 2024 (provisional estimate); this is unchanged from the 12 months to August 2024.
  • Average rents increased to £1,336 (8.5%) in England, £760 (8.3%) in Wales, and £973 (7.2%) in Scotland, in the 12 months to September 2024.
  • In Northern Ireland, average rents increased by 9.5% in the 12 months to July 2024.
  • In England, rents inflation was highest in London (9.8%) and lowest in the South West and Yorkshire and The Humber (6.3%), in the 12 months to September 2024.
  • Average UK house prices increased by 2.8% to £293,000 in the 12 months to August 2024 (provisional estimate); this annual growth rate is up from 1.8% in the 12 months to July 2024.
  • Average house prices increased in England to £310,000 (2.3%), in Wales to £223,000 (3.5%), and in Scotland to £200,000 (5.4%), in the 12 months to August 2024.

 

UK private rent and house prices

Average UK private rents increased by 8.4% in the 12 months to September 2024 (provisional estimate). This was unchanged from the 12 months to August 2024, and was below the record-high annual rise of 9.2% in March 2024.

Average UK house prices increased by 2.8% (provisional estimate), to £293,000, in the 12 months to August 2024. This annual growth was up from 1.8% in the 12 months to July 2024, and was the sixth consecutive month with an annual increase in prices after eight months of annual decreases.

House prices by country and English region

The average house price for England was £310,000 in August 2024, up 2.3% (£7,000) from a year earlier. This annual rise was higher than in the 12 months to July 2024 (1.3%).

The average house price for Wales was £223,000 in August 2024, up 3.5% (£8,000) from a year earlier. This annual rise was higher than in the 12 months to July 2024 (1.5%).

The average house price for Scotland was £200,000 in August 2024, up 5.4% (£10,000) from a year earlier. This annual rise was higher than in the 12 months to July 2024 (5.0%).

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.

Read the full report here 

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

Breaking News

One in three mortgage hunting FTBs has at least 25% deposit

While higher loan-to-value (LTV) mortgages dominate first-time buyer demand a significant minority are seeking higher deposit deals, fresh data from Moneyfactscompare.co.uk can reveal. Of those looking for fixed term deals on moneyfactscompare.co.uk: Almost one in three (30%) first-time buyers are opting for 90% LTV mortgages, and a further 12% are looking at 95% LTV options. This…
Read More →
how to present your property for sale
Breaking News

Nationwide House Price Index for January 2026 – Industry Reaction

Nationwide House Price Index for January 2026. The latest index shows that: House prices increased by 0.3% between December 2025 and January 2026. This reversed the -0.4% monthly decline seen between November and December of last year. Annual growth sat at 1% in January 2026, with this annual rate of growth increasing from 0.6% in…
Read More →
Breaking News

House price growth edges higher in January

Slight rise in annual house price growth to 1.0% House prices were up 0.3% month on month Continued improvement in affordability helped drive first-time buyer activity in 2025 Headlines Jan-26 Dec-25 Monthly Index* 544.9 543.4 Monthly Change* 0.3% -0.4% Annual Change 1.0% 0.6% Average Price (not seasonally adjusted) £270,873 £271,068 * Seasonally adjusted figure (note…
Read More →
Breaking News

Housebuilding sector shows early signs of recovery

The latest Barclays Business Prosperity Index report1 reveals that despite affordability pressures, regulatory challenges and financial caution, four in five businesses (83 per cent) operating in housebuilding and its supply chains remain confident about their outlook for the year ahead. Barclays’ anonymised client data from around 70,000 UK businesses, combined with research from 500 industry…
Read More →
Rightmove logo
Breaking News

Rightmove launches major updates to its agent qualification CELA

Rightmove’s Level 3 Certificate for Estate and Letting Agents (CELA) will include a new module on Renters’ Rights from April, helping agents to get Renters’ Rights ready before May The Level 3 Certificate for Estate and Letting Agents is included as standard within all Rightmove memberships, with only a fee to the exam board to…
Read More →
Breaking News

Clarity on energy efficiency rules for commercial property needed

Propertymark has written to Martin McCluskey MP, Minister for Energy Consumers at the Department for Energy Security and Net Zero, urging the UK Government to provide urgent clarity on the future of Minimum Energy Efficiency Standards (MEES) for non-domestic property. The letter follows the publication of the UK Government’s Warm Homes Plan, which confirmed that…
Read More →