UK house prices grew by 3.3 per cent in the year to November 2024, according to the latest Office for National Statistics (ONS) data released today.
The acceleration from October's three per cent growth pushed the average UK property value to £290,000.
The figures show a continued strengthening of the housing market, with the annual growth rate increasing for the second consecutive month.
The data comes alongside ONS figures showing inflation eased to 2.5 per cent in December, down from 2.6 per cent in November.
Across the UK nations, house price growth showed notable variations. England saw average prices rise to £306,000, marking a three per cent increase over the year to November 2024.
Wales recorded a similar three per cent annual growth, with average house prices reaching £219,000.
Scotland experienced stronger growth of 4.7 per cent, pushing average prices to £195,000.
Northern Ireland showed the most substantial increase among UK nations, with prices rising by 6.2 per cent to £191,000 in the third quarter of 2024 compared to the same period a year earlier.
UK regional house price growth
- Northern Ireland: 6.2% increase
- North East: 5.9% increase
- Scotland: 4.7% increase
- Wales: 3.0% increase
- England: 3.0% increase
- London: 0.1% decrease
The North East emerged as England's strongest-performing region, with its annual growth rate climbing from 4.6 per cent in October to 5.9 per cent in November.
London was the only region to record a decline, though its 0.1 per cent fall in November showed improvement from October's 0.4 per cent decrease.
Private rental prices across the UK rose by nine per cent in the year to December 2024, showing a slight decrease from November's 9.1 per cent increase.
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England saw the highest rental growth among UK nations, with average rents climbing 9.2 per cent to £1,369. Wales recorded an 8.5 per cent increase, bringing average rents to £777, while Scotland saw a 6.9 per cent rise to £991.
London led the regional rental increases in England with an 11.5 per cent annual rise, marking the highest growth rate across all regions.
Yorkshire and The Humber recorded the lowest rental growth in England at 5.4 per cent. Northern Ireland's rental market saw an 8.6 per cent increase in the year to October 2024.
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