UK house prices increased by £10,000 in the year to October with the average property costing £292,000, according to the latest figures from the Office for National Statistics.
A typical UK home is now selling for an estimated £292,000 – which is an increase of 3.4% on the same time last year when the average property was going for £282,000.
In England, the average price rose by 3% year on year to £309,000, while in Wales it was up by 4% to £222,000. Scotland saw prices increase by 5.5% to £197,000. In Northern Ireland, the average house price rose by 6.2% to £191,000 year on year.
In London, the average property fell £7,000 between September and October with prices now down £11,000 in two months. The average property in the capital cost £520,000 in October, down from £531,000 in August.
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James Stevenson, area director at 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.”
Turning to average private rents, annual growth accelerated to 9.1% in November, just below a record rise of 9.2%, recorded in March.
The average private rent in Britain was £1,319 per month in November – £110 higher than in November 2023.
Average rents increased to £1,362 (+9.3%) in England, £772 (+8.0%) in Wales, and £980 (+6.5%) in Scotland, in the 12 months to November. In Northern Ireland, average rents increased by 9.0% in the year to September 2024.
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.
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“Average rent increases continue to be highest in London while annual rent inflation reached a record high for England.”
In England, rent inflation was highest in London (11.6%) and lowest in Yorkshire and The Humber (5.7%).