According to the report from the Office for National Statistics (ONS), average house prices rose by 2.9% per annum in September after increasing by 2.7% per annum in August (revised from +2.8%). This was the 7th price increase in a row and the strongest increase since April 2023. Economists also expected an increase of 2.9%. On a non-seasonally adjusted basis, average house prices decreased by 0.3% m/m compared with a decrease of 0.5% in the same period 12 months ago. On a seasonally adjusted basis, average house prices decreased by 0.1% between August and September.
The ONS said that the average house price rose to 292,000 pounds in September from 284,000 pounds in September 2023. Average house prices increased in England (+2.5%, to 309,000 pounds), in Wales (+0.4%, to 217,000 pounds) and in Scotland (+5.7%, to 198,000 pounds).
Separate data showed that in October the average UK private rent rose by 8.7% per year after an increase of 8.4% per annum in September. Average rents increased to 1,348 pounds (+8.8%) in England, 766 pounds (+7.9%) in Wales, and 976 pounds (+6.6%) in Scotland. In England, rents inflation was highest in London (10.4%) and lowest in Yorkshire and the Humber (5.9%), in the 12 months to October.