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House prices have changed little in the past year - but rents are still rising at triple the rate of inflation.
The latest official data from the Office for National Statistics (ONS) shows that house prices have increased by 1.8 per cent since March 31 2024.
This was the first increase since June, up from February, when a 0.2 per cent year-on-year price rise was posted.
The average UK house price is £283,000, which is £5,000 more than a year ago.
The Royal Institution of Chartered Surveyors (RICS) property market survey found buyer demand is rising for the third month in a row, the most since February 2022. RICS also reported a fourth consecutive increase in new listings.
HM Revenue and Customs notes that 84,000 homes worth £40,000 or more changed hands in March, 6.5 fewer than 12 months earlier.
House prices are rising the fastest in Yorkshire and the Humber, rising 5 per cent in the year. The market around the capital is sluggish, with London prices going down 3.4 per cent in the year and those in the South East dipping by 1.3 per cent.
Region | Price | Monthly change | Annual change |
Yorkshire and The Humber | £209,868 | 2.20% | 5.00% |
North West | £216,501 | 1.10% | 3.80% |
North East | £158,569 | -0.40% | 3.20% |
West Midlands | £246,298 | 1.40% | 2.40% |
East Midlands | £242,223 | 0.30% | 1.00% |
East of England | £341,979 | 0.50% | 0.80% |
South West | £316,262 | 0.20% | 0.50% |
South East | £373,223 | 0.30% | -1.30% |
London | £499,663 | -0.90% | -3.40% |
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Wales | £213,753 | 0.90% | 1.30% |
England | £299,321 | 0.50% | 1.00% |
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UK | £283,000 | 0.20% | 1.80% |
Source: ONS
Meanwhile, rent increases are rocketing ahead of inflation, says the ONS.
In the year to February, rents surged by 9 per cent to a monthly average of £1,276 in England and £723 in Wales.
Renters pay the most in London’s Kensington and Chelsea, where homes cost £3,248 a month. The cheapest rent is £423 a month, paid by tenants in Dumfries and Galloway, Scotland. Bristol had the highest private rent outside London, with tenants paying £1,734 a month.
Rents are rising fastest in London, where tenants are paying 10.6 per cent more than a year ago. Rents in the North East saw the lowest increase—5.7 per cent.
The ONS says: “Average UK private rent increased by 9.0 per cent in the 12 months to February 2024. This was up from 8.5 per cent in the 12 months to January 2024, representing the highest annual percentage change since this UK data series began in January 2015.”
The ONS added that the London rent rise was also the highest percentage change for the capital since the index began in January 2006.
This map tracks average private rents and annual inflation across council areas between January 2015 and February 2024.
Source: Price Index of Private Rents from the ONS