Is the UK Housing Market on the Rise in August 2024?

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1.Main points
Average UK private rents increased by 8.6% in the 12 months to July 2024 (provisional estimate), unchanged from in the 12 months to June 2024.

Average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland, in the 12 months to July 2024.

In Northern Ireland, average rents increased by 10.0% in the 12 months to May 2024.

In England, rents inflation was highest in London (9.7%) and lowest in the North East (6.1%), in the 12 months to July 2024.

Average UK house prices increased by 2.7%, to £288,000, in the 12 months to June 2024 (provisional estimate); this annual growth is unchanged from the revised estimate for the 12 months to May 2024.

Average house prices increased in England to £305,000 (2.4%), in Wales to £216,000 (1.8%), and in Scotland to £192,000 (4.3%), in the 12 months to June 2024.

In recent periods, the total transaction volumes and new build volumes available to calculate UK House Price Index estimates have been lower than usual.


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Moving from the UK: "Considering a move from the UK? August 2024's housing trends show a steep rise in both rents and house prices, with London seeing the highest rental inflation. Understand the market before making your next move."
Relocating to Scotland: "Relocating to Scotland? House prices have increased by 4.3%, reaching £192,000. Learn about the latest UK housing trends before deciding to buy or rent."
Investing in UK Property: "Thinking of investing in UK property? With house prices up by 2.7% and rents increasing by 8.6%, discover if 2024 is the right year for your investment."