UK house prices up 2.2% in May ’24

The UK housing market continued its upward trend in May 2024, with average house prices rising by 2.2 per cent to £285,000 compared to the same period the previous year, marking the third consecutive month of increases.

This follows a 1.3 per cent annual rise in April 2024, after eight months of declines.

Additionally, average UK private rents increased by 8.6 per cent in the 12 months leading up to June 2024, slightly down from the revised estimate of 8.7 per cent for the previous month.

This figure remains below the record-high annual rise of 9.2 per cent observed in March 2024.

The latest estimates for UK monthly rents and the House Prices Index (HPI) are provisional and subject to revision. All provided statistics are non-seasonally adjusted unless stated otherwise. The data highlights ongoing pressures and demand within the UK’s housing and rental markets.