Annual growth in house prices and rents has accelerated
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Annual growth in UK house prices and rents has accelerated, with rental price inflation in England and London hitting record highs, according to official figures. The average house price increased by 3.4 per cent in the 12 months to October, ticking upwards from 2.8 per cent in September, according to Office for National Statistics (ONS) data.
Across the UK, the average house price in October was £292,000. Average prices increased in England to £309,000 (three per cent annual growth), in Wales to £222,000 (four per cent), and in Scotland to £197,000 (5.5 per cent). The average house price for Northern Ireland was £191,000 between July and September, up by 6.2 per cent annually.
In the English regions, the North East had the highest house price inflation in the 12 months to October, at 4.7 per cent, and London had the weakest, at 0.2 per cent. The report also showed annual growth in private rental prices accelerated to 9.1 per cent in November, from 8.7 per cent in the 12 months to October.
Annual growth in rental prices was just below a record rise of 9.2 per cent, recorded in March 2024. ONS head of housing market indices Aimee North said: “Rental prices climbed again in the year to November with the average private rent in Great Britain now around £1,300 per month.
