UK house prices 2.8% up in August ’24

Average UK house prices rose by 2.8 per cent to £293,000 ($381,633) in the 12 months leading to August 2024, according to provisional estimates by the Office for National Statistics (ONS) on Wednesday. This marks an increase from the 1.8 per cent growth rate recorded in the 12 months to July 2024.

Meanwhile, average private rents in the UK also saw significant growth, rising by 8.4 per cent in the 12 months to September 2024, remaining unchanged from the previous month. The ongoing increase in both house prices and rental rates reflects continued demand in the housing market despite broader economic challenges.