According to the report from the Office for National Statistics (ONS), average house prices rose by 1.8% per annum in March after falling by 0.2% per annum in February (revised from -0.6%). This was the first price increase in the last 7 months and the strongest in 10 months. Economists had expected prices to rise by 0.1% per annum. On a non-seasonally adjusted basis, average house prices increased by 0.7% between February 2024 and March 2024, compared with a decrease of 1.2% during the same period 12 months ago.
The ONS said that the average house price rose to 283,000 pounds in March from 278,000 pounds in March 2023. Average house prices decreased in England (+1.0%, to 299,000 pounds), in Wales (+1.3%, to 214,000 pounds) and in Scotland (+6.7%, to 192,000 pounds).
Separate data showed that in April the average UK private rent rose by 8.9% per year after an increase of 9.2% per year in March. Average monthly rents increased to 1,293 pounds (+8.9%) in England, 730 pounds (+8.2%) in Wales and 952 pounds (+10.0%) in Scotland. In England, rents inflation was highest in London (10.8%) and lowest in the North East (5.8%), in the 12 months to April 2024. In Great Britain, average rent was highest in Kensington and Chelsea (3,356 pounds) and lowest in Dumfries and Galloway (477 pounds).