UK house prices push higher while rents rocket - ONS
By Abigail Townsend
Date: Wednesday 18 Dec 2024
(Sharecast News) - UK house prices sparked in October, government data showed on Wednesday, as the market continued to strengthen, while average rents surged by more than 9%.
According to the latest rent and house prices data from the Office for National Statistics, average UK house prices rose 3.4% in the 12 months to October, up from September's 2.8% uplift.
As a result, the average UK house price now stands at £292,000.
Within that, in England it was £309,000 - a 3% improvement - while in Wales it was £222,000 and in Scotland £197,000, a 4% and 5.5% jump respectively.
House price inflation was the lowest in London, at just 0.2%. However, that was an improvement on September's 0.3% decline.
James Stevenson, area director at estate agent Foxtons, said: "November saw an unusually busy London property market, with a surge in viewings, offers and sales. This has been driven in part by first-time buyers racing to beat the March 2025 stamp duty deadline and lower mortgage rates."
Rachel Hunnisett, director at April Mortgages, said: "The housing market's impressive recovery continues with another strong month of growth in October.
"For now there are no signs of activity slowing, with buyers shrugging off the uncertainty around the Budget and a resurgence in inflation."
However, UK private rents continued to rocket. They surged 9.1% in the 12 months to November, up from October's 8.7% hike. The highest rent inflation was in London, where it spiked 11.6%, while in England overall it was 9.3%.
Andrew Montlake, managing director at mortgage broker Coreco, said: "Renting is nothing short of brutal. In London, rents have risen by 11.6% over the past year and something has to give.
"In many cases, landlords have no choice but to increase rents as they are in an impossible position as a result of higher mortgage ranges and punitive tax regime."
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