Annual growth in UK house prices and rents has accelerated, with rental price inflation in England and London hitting record highs, according to official figures.
The average house price increased by 3.4 per cent to £292,000 in the 12 months to October, ticking upwards from 2.8 per cent in September, according to Office for National Statistics (ONS) data.
In October, average prices increased in England to £309,000 (3.0 per cent annual growth), in Wales to £222,000 (4.0 per cent), and in Scotland to £197,000 (5.5 per cent).
In the English regions, the north-east had the highest rate of house-price growth in the 12 months to October, at 4.7 per cent, and London had the weakest, at 0.2 per cent.
The report also showed annual growth in private rental prices rose to 9.1 per cent across the UK in November, from 8.7 per cent in the 12 months to October.
The Independent has put together this map below to show the average rent prices in English regions.
Within England, rental price inflation was highest in London (11.6 per cent) and lowest in Yorkshire and the Humber (5.7 per cent) in the 12 months to November.
The ONS report said the annual rise in London rents was higher than in the 12 months to October 2024 (10.4 per cent), “and reflects a new record high annual growth for London.”
“The rise in London’s annual inflation was caused by two consecutive months of large rent rises, compared with smaller rises a year ago,” the report said.
The average private rent in Britain was £1,319 per month in November – £110 higher than in November 2023.
“Average rent increases continue to be highest in London while annual rent inflation reached a record high for England,” ONS head of housing market indices Aimee North said
In England, the average was £1,362 in November, up 9.3 per cent (£116) from a year earlier.
The figures were released as the ONS said Consumer Prices Index (CPI) inflation rose to 2.6 per cent in November, from 2.3 per cent the previous month.
This is the highest rate since March and the second rise in two months.
Additional reporting by PA.
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