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ONS House Price Index: UK House Prices Rise to £290,000 in July

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    House Price Inflation Falls to 2.2%, As Rents Rise

    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.

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      London House Prices Fall, While Other Regions Rise

      The ONS HPI states that average prices in Wales increased to £218,000 (2%), with Scotland seeing the highest growth in July, rising to £199,000 (6%). The average house price for Northern Ireland in Q2 (April to June) rose to £185,000 (6.4%).

      The North East was the English region with the highest price inflation, with property prices increasing by 3.8% in the 12 months to July. Yorkshire and the Humber took second place at 3.7%, while the North West took third at 2.8%.

      London was the English region with the lowest annual inflation, where prices decreased by 0.4% in the 12 months to July 2024.

      Learn More: Interested in UK property investment? Take a look at our complete guide to buy-to-let costs!

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      UK Property Industry Reaction to ONS House Price Index

      These figures have seemingly strengthened optimism within the UK property market, with many industry experts believing the market is seeing continued signs of improvement.

      Nathan Emerson, Propertymark CEO, said: “It is reassuring to see further progress within the housing market as we continue to witness a consistent trend of growth as the year plays out. Overall, 2024 has proven to be transformative for the housing market, with it facing a myriad of challenges at the start of the year and gathering pace to a far more upbeat performance as demonstrated by these latest figures.”

      Marc von Grundherr is similarly optimistic about the market’s performance going forward. He said: “Autumn may be fast approaching, but property market prosperity continues to blossom and we’ve seen the level of buyer enquiries, offers made, and sales agreed all start to normalise following a prolonged period of stagnation.”

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      Author

      Reece Pape

      Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

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