Private rent and house prices, UK: September 2024

September 18, 2024
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The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation.

1.Main points

  • Average UK private rents increased by 8.4% in the 12 months to August 2024 (provisional estimate), down from 8.6% in the 12 months to July 2024.
  • Average rents increased to £1,327 (8.5%) in England, £752 (8.5%) in Wales, and £969 (7.6%) in Scotland, in the 12 months to August 2024.
  • In Northern Ireland, average rents increased by 9.9% in the 12 months to June 2024.
  • In England, rents inflation was highest in London (9.6%) and lowest in the South West (6.4%), in the 12 months to August 2024.
  • Average UK house prices increased by 2.2% to £290,000 in the 12 months to July 2024 (provisional estimate); this annual growth rate is down from 2.7% in the 12 months to June 2024.
  • Average house prices increased in England to £306,000 (1.6%), in Wales to £218,000 (2.0%), and in Scotland to £199,000 (6.0%), in the 12 months to July 2024.

In recent periods, the total transaction volumes and new build volumes available to calculate UK House Price Index (HPI) estimates have been lower than usual. In this release, UK HPI estimates were revised from January 2022 onwards.

2.UK private rent and house prices

Average UK private rents increased by 8.4% in the 12 months to August 2024 (provisional estimate). This was down from 8.6% in the 12 months to July 2024, and was below the record-high annual rise of 9.2% in March 2024.

Average UK house prices increased by 2.2% (provisional estimate), to £290,000, in the 12 months to July 2024. This annual growth was down from 2.7% the 12 months to June 2024, and was the fifth consecutive month with an annual increase in prices, following eight months of annual falls.

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.

Full report can be found here.

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