According to the report from the Office for National Statistics (ONS), average house prices rose by 1.1% per annum in April after increasing by 0.9% per annum in March (revised from 1.8%). Economists had expected prices to rise by 2.0% per annum. On a non-seasonally adjusted basis, average house prices increased by 0.3% between March and April, compared with an increase of 0.1% during the same period 12 months ago.
The ONS said that the average house price rose to 281,000 pounds in April from 278,000 pounds in April 2023. Average house prices increased in England (+0.6%, to 298,000 pounds), in Wales (+0.4%, to 208,000 pounds) and in Scotland (+4.5%, to 190,000 pounds).
Separate data showed that in May the average UK private rent rose by 8.7% per year after an increase of 8.9% per year in April. Average rents increased to 1,301 pounds (+8.6%) in England, 736 pounds (+8.5%) in Wales, and 957 pounds (+9.3%) in Scotland. In Northern Ireland, average rents increased by 10.3% in the 12 months to March. In England, rent inflation was highest in London (+10.1%) and lowest in the North East (+6.1%). In Great Britain, average rent was highest in Kensington and Chelsea (3,397 pounds) and lowest in Dumfries and Galloway (480 pounds).