Act Now: UK House Prices Increase by 2.2% – Here’s What You Need to Know

0:01 Introdcution
0:11 House prices increased to £285,000 in May 2024
2:49 UK House prices increase/decrease over 12 months
3:47 House Price Index Reports (HPI) by Halifax, Nationwide and Office of National Statistics (ONS)
6:30 House prices in England, Scotland, Wales and Northern Ireland
6:51 Mortgage arrears
7:42 Inflation, Bank of England (BoE) interest rates and Unebpmployment and how it may impact on UK house prices


In the 12 months to May 2024, average UK house prices increased by 2.2%, reaching £285,000. This growth follows eight months of annual declines and marks the third consecutive month of rising prices. In England, the average house price rose to £302,000, a 2.2% increase. Wales saw a 2.4% increase, bringing the average price to £216,000, while Scotland experienced a 2.5% rise to £191,000.

Despite these increases, the total transaction volumes and new build volumes used to calculate the UK House Price Index have been lower than usual. Users should note the increased uncertainty around new build prices and expect larger-than-usual revisions.

The Royal Institution of Chartered Surveyors (RICS) reported an increase in tenant demand in June, though the net balance of landlord instructions decreased, suggesting a potential decline in rental listings. This could impact rental prices in the near future.

In Northern Ireland, private rent statistics are being developed with the aim of using the Price Index of Private Rents (PIPR) methodology from March 2025. However, caution is advised when using current PIPR data due to differences in data collection methods, especially when comparing estimates with other UK countries.

UK private rents increased by 8.6% in the 12 months to June 2024, down slightly from 8.7% in May 2024. The record-high annual rise of 9.2% was observed in March 2024. These estimates are provisional and subject to revision.

Overall, the UK housing market is showing signs of recovery with a steady increase in house prices. This growth is driven by various factors including economic conditions, demand and supply dynamics, and regional variations. Investors and homebuyers should stay informed about these trends to make well-informed decisions.

Q: Why should users be cautious about new build price estimates?
A: Due to lower transaction volumes and new build volumes, there is greater uncertainty and larger-than-usual revisions expected around new build price estimates.

Q: What trends are observed in UK private rents?
A: UK private rents increased by 8.6% in the 12 months to June 2024, slightly down from the previous month, but still reflecting significant annual growth.

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