House prices and rents in the UK have surged to new peaks, fueled by persistent demand and limited supply. The average house price climbed 3.4% year-on-year in October, while rental price inflation hit record highs in both England and London.
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% in the 12 months to October, ticking upwards from 2.8% in September, according to Office for National Statistics (ONS) data.Average prices increased in England to £309,000 (3.0% annual growth), in Wales to £222,000 (4.0%), and in Scotland to £197,000 (5.5%).
The average house price for Northern Ireland was £191,000 between July and September, up by 6.2% annually. Average UK house prices increased by 3.4%, to £292,000 in the year to Oct 2024, this annual growth was up from 2.8% in the 12 months to Sept 2024. Average UK private rents increased by 9.1% in the year to Nov 2024, this is up from 8.7% in Oct 2024.In the English regions, the North East had the highest house price inflation in the 12 months to October, at 4.7%, and London had the weakest, at 0.2%. The report also showed annual growth in private rental prices accelerated to 9.1% in November, from 8.7% in the 12 months to October.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. “Average rent increases continue to be highest in London while annual rent inflation reached a record high for England.” The average private rent in Britain was £1,319 per month in November – £110 higher than in November 2023.Within England, rental price inflation was highest in London (11.6%) and lowest in Yorkshire and the Humber (5.7%) in the 12 months to November. The report said of London rents: “This annual rise was higher than in the 12 months to October 2024 (10.4%), and reflects a new record high annual growth for London. “The rise in London’s annual inflation was caused by two consecutive months of large rent rises, compared with smaller rises a year ag
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