According to the report from the Office for National Statistics (ONS), average house prices rose by 3.4% per annum in October after increasing by 2.8% per annum in September (revised from +2.9%). This was the 8th price increase in a row and the strongest increase since April 2023. Economists expected an increase of 3.1%. On a non-seasonally adjusted basis, average house prices increased by 0.2% m/m compared with a decrease of 0.5% in the same period 12 months ago. On a seasonally adjusted basis, average house prices increased by 0.5% between September and October.
The ONS said that the average house price rose to 292,000 pounds in October from 282,000 pounds in October 2023. Average house prices increased in England (+3.0%, to 309,000 pounds), in Wales (+4.0%, to 222,000 pounds) and in Scotland (+5.5%, to 197,000 pounds).
Separate data showed that in November the average UK private rent rose by 9.1% per year after an increase of 8.7% per year in October. Average rents increased to 1,362 pounds (+9.3%) in England, 772 pounds (+8.0%) in Wales, and 980 pounds (+6.5%) in Scotland. In England, rents inflation was highest in London (11.6%) and lowest in Yorkshire and The Humber (5.7%), in the 12 months to November.