Average UK house prices increased by 3.4%, to £292,000, in the 12 months to October 2024, according to the latest estimates from the Office for National Statistics (ONS).
This annual growth rate is up from 2.8% in the 12 months to September 2024.
Average house prices increased in England to £309,000 (3.0%), in Wales to £222,000 (4.0%), and in Scotland to £197,000 (5.5%), in the 12 months to October 2024.
Average UK private rents increased by 9.1% in the 12 months to November 2024; this is up from 8.7% in the 12 months to October 2024.
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 2024.
In Northern Ireland, average rents increased by 9.0% in the 12 months to September 2024.
In England, rents inflation was highest in London (11.6%) and lowest in Yorkshire and The Humber (5.7%), in the 12 months to November 2024.

Richard Harrison, head of mortgages at Atom bank, said: “Although a second consecutive rise in inflation means we are unlikely to see the Bank of England reduce the base rate tomorrow, the market’s anticipation of further cuts and lower mortgage rates next year offers some optimism for potential homebuyers.
“The housing market has had a busy finish to 2024, with many prospective buyers looking to push on and get deals over the line before the new year. Figures from HMRC show that transactions in October were up by 21% on a year ago, while Rightmove reported that the number of sales being agreed is up by nearly a quarter compared with the same period in 2023. For all of the jitters in the build up to the Budget, the reality is that people need homes in which to live and we don’t have enough to meet that demand. While we keep a watchful eye on Labour’s plan to build, we should expect to see house prices continue to rise to new highs in 2025.
“While the prospect of lower mortgage rates will be welcome for many aspiring homebuyers, lenders must also grasp the opportunity to deliver better support to those who are currently underserved, such as buyers with smaller deposits or who have experienced temporary credit issues. We cannot allow homeownership to be out of reach for those who are more than able to repay a mortgage, but who need a more understanding approach from lenders.”
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, added: “With house values holding fairly steady and sellers more realistic about pricing, it could be the nudge buyers need to act in the new year, particularly if the Bank of England continues to cut interest rates.
“Transaction levels remain subdued compared to pre-pandemic norms, as high borrowing costs and stamp duty continue to weigh heavy on the market. We are noticing a growing divide between well-priced homes, which are selling without difficulty and overpriced ones, which are stagnating on the market.
“However, a fresh new year and hopefully the return of sub-4% mortgage rates early in 2025 should restore buyer confidence and could boost transactions throughout the year.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “With inflation rising to 2.6%, the Bank of England is expected to adopt a Grinch position and delay any further rate reductions until the new year at least.
“This may not matter too much on the mortgage front with several lenders reducing rates regardless in the past few days as they try to meet their sales targets. Borrowers will be hoping that the start of next year sees a continuation of this with January sales as lenders attempt to get off to a strong start by reducing rates.
“With stamp duty rising in April, this could focus the mind of buyers in the early months of the year, resulting in a busy spring market.”