UK house prices, rents continue to rise - ONS
By Abigail Townsend
Date: Wednesday 15 Jan 2025
(Sharecast News) - UK house prices sparked in November, official data showed on Wednesday, on the back of robust demand for property.
According to the latest house price index from the Office for National Statistics, average UK house prices rose 3.3% in the 12 months to November, to £290,000. That compares to October's growth rate of 3.0%.
All parts of Great Britain saw increases. The highest was in Scotland, where average prices jumped 4.7% to £195,000. In England and Wales average prices rose 3% to £306,000 and £219,000 respectively.
Rachel Hunnisett, director at April Mortgages, said: "Despite the volatility we have seen in January, and uncertainty around the economy, the one constant is the demand for property in the UK."
Jonathan Handford, managing director at estate agent Fine & Country, said: "House prices exceeded expectations in November, continuing their upward momentum despite the typically quieter market period and the ongoing economic challenges.
"With the stamp duty threshold set to decrease in April, some people sitting on a deposit will now move to secure deals before the deadline. This could spark an uptick in market activity, but recent data suggests this could be a short-term reaction rather than a sustained trend."
Private rents also continued to mount. According to a provisional estimate from the ONS, they surged 9% in the 12 months to December, marginally lower than both November's 9.1% hike and March's all-time high of 9.2%.
Renters in England now pay an average of £1,369 per month.
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