According to the Office for National Statistics, average UK private rents increased by 9.0% from the 12 months to February 2024. This was higher than in the 12 months to January 2024. In the 12 months to February 2024, average monthly rents increased to £1,276 (8.8%) in England, £723 (9.0%) in Wales and £944 (10.9%) in Scotland. In the 12 months to December 2023, average rents increased by 9.3% in Northern Ireland.
On the sales side, average house prices decreased by 0.6% from 12 months to January, to £282,000. This was an improvement on the decrease of 2.2% in the 12 months to December 2023.
In the 12 months to January 2024, average house prices decreased in England to £299,000 (-1.5%), in Wales to £213,000 (-0.8%), and increased in Scotland to £190,000 (+4.8%). Average house prices increased by 1.4% to £178,000 in the year to Quarter 4 2023 in Northern Ireland.
On a non-seasonally adjusted basis, average house prices increased by 0.5% between December 2023 and January 2024, compared with a decrease of 1.1% during the same period 12 months ago.
Jeremy Leaf, North London estate agent and a former RICS residential chairman, says: “Lower inflation and the prospect of further falls has fuelled housing market activity if not prices so far this year. These figures are fascinating as they cover not only mortgaged but cash sales, which alone account for over a third of the total, despite them being a little dated.
Written by Dechlan Connell
