UK property prices increase 2.7% over year to June ’24

UK house prices grew by 2.7 per cent to £288,000 ($369,923) in the year to June 2024, unchanged from the revised estimate for the year to May 2024.

Increases were seen across regions: England’s average price rose to £305,000 (up 2.4 per cent), Wales to £216,000 (up 1.8 per cent), and Scotland to £192,000 (up 4.3 per cent).

Meanwhile, average private rents in the UK surged by 8.6 per cent in the 12 months to July 2024, maintaining the same growth rate as the previous 12 months.

Rents reached £1,319 in England (up 8.6 per cent), £748 in Wales (up 7.9 per cent), and £965 in Scotland (up 8.2 per cent). In Northern Ireland, average rents increased by 10.0 per cent in the year to May 2024.

Regional variations in rent inflation were notable in England. London saw the highest increase at 9.7 per cent, while the North East experienced the lowest at 6.1 per cent in the 12 months to July 2024.

Attribution: The Office for National Statistics (ONS)

Subediting: Y.Yasser