UK house prices and rents surge, with rental price inflation reaching record high
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UK house prices and rents have seen a surge, with rental price inflation in England and London reaching unprecedented levels, new figures reveal. The average house price rose by 3.4% over the year to October, a slight increase from September's 2.8%, according to the latest Office for National Statistics (ONS) data. The UK's average house price in October stood at £292,000, with England seeing an average of £309,000 reflecting a 3.0% annual growth.
Wales' average hit £222,000 with a 4.0% rise, while Scotland saw a 5.5% jump to £197,000. Northern Ireland's average was £191,000 between July and September, marking a 6.2% yearly increase. In English regions, the North East experienced the most significant house price inflation over the year to October, at 4.7%, whereas London had the lowest at just 0.2%. The report also highlighted that annual growth in private rental prices sped up to 9.1% in November, up from 8.7% in the year to October.
Rental price growth almost matched the record 9.2% hike seen in March 2024. Aimee North, ONS head of housing market indices, commented: "Rental prices climbed again in the year to November with the average private rent in Great Britain now around £1,300 per month.".
She added, "Average rent increases continue to be highest in London while annual rent inflation reached a record high for England.". In Britain, the average private rent was £1,319 per month in November – a £110 increase from November 2023. Specifically, in England, the average reached £1,362 in November, which is up 9.3% (£116) compared to the previous year.
