According to data released by the Office for National Statistics on Wednesday, house prices in the UK experienced a notable increase in September. On an annual scale, average house prices rose by 2.9%, surpassing the 2.7% growth observed in August.
The ONS noted that annual inflation has been on the rise since it reached a low of negative 2.7% in the twelve months leading up to December 2023.
In England, average house prices were up by 2.5% compared to the previous year. Meanwhile, Wales saw a modest increase of 0.4%, and Scotland experienced a 5.7% rise. In Northern Ireland, the average house price for the third quarter showed a year-over-year increase of 6.2%.
Among English regions, the North East recorded the highest house price inflation in September at 6.5%. Conversely, London experienced the lowest annual house price inflation, with a decline of 0.5%.
Additionally, the data indicated an 8.7% annual increase in private rents in October, up from 8.4% in September.
