Private rent and house prices, UK: September 2024

September 18, 2024
how to present your property for sale

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.

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

Bonfire Night could cause £1,500 in property damages

New research from Adiuvo, the UK’s leading provider of 24/7 property management support, warns that Bonfire Night could cost renters an average of £1,475 in property damage if proper care is not taken, but that with a few simple safety checks in place, the much-loved evening of celebration and community can go off without a…
Read More →
Estate Agent Talk

Buying a Home? What you need to know about asbestos

Asbestos is a well-known issue in UK housing – but while it’s rightly treated with caution, it doesn’t need to cause alarm. With the right advice and professional guidance, it’s a manageable problem that shouldn’t stand in the way of purchasing a dream home. Used widely in construction until 1999, asbestos is often found in…
Read More →
Breaking News

Hodge Bank introduces 80% LTV on Interest Only Mortgages, helping borrowers maximise their affordability

Specialist lender Hodge has today announced it will accept 80% Loan to Value (LTV) on Interest Only Mortgages to help borrowers expand their affordability. The criteria enhancement is the latest in a raft of changes introduced by the lender in a bid to make its underwriting as flexible as possible. This change applies to Hodge’s…
Read More →
Breaking News

Breaking Property News 4/11/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Fine & Country network prepare for success in 2026 Premium estate agency Fine & Country is delighted to announce the return of its Regional Meetings this November, bringing together business owners, key decision-makers, and leading agents from across the network. These highly anticipated events…
Read More →
Breaking News

The end of the ‘Forever Home’? 63 per cent of young homeowners prioritise flexibility and renovation potential over permanence

63 per cent of younger homeowners (18-34 year olds) find the ‘forever home’ concept less important than older generations Nearly half (45 per cent) of the same group of homeowners expect to move home within the next five years, embracing a flexible ‘Right Now Home’ model 23 per cent of 18-34 year olds view their…
Read More →
Breaking News

Ignoring these simple winter property maintenance tasks could cost you big time

The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that failing to complete some of the most common winter home maintenance tasks could cost homeowners thousands of pounds, as ignored issues turn into major repair jobs over the colder months. Springbok Properties analysed a series of essential winter…
Read More →