According to the latest ONS House Price Index figures, the average UK house price was £290,000 in July 2024 – £6,000 higher than 12 months ago. In England, average house prices increased to £306,000, up 1.6% from the previous year.
Average UK house price annual inflation was 2.2% in the 12 months to July 2024, down from the revised estimate of 2.7% in the 12 months to June. However, looking at the rental market, ONS found that average private rents increased by 8.4% in the 12 months to August, down from 8.6% in the 12 months to July 2024.
Average rents increased to £1,327 in England (8.5%), £752 in Wales (8.5%), and £969 in Scotland (7.6%).
Let’s see how this impacts the UK property market going forward.