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Latest ONS Indices Reveal Stable Rent & Price Growth

House prices up 1.3% in year to September; UK rents up a similar 1.3% year-on-year in October

House prices in the North West increased by 2.8% over the last year

Average property prices in the UK saw little movement in September, whilst rental price growth remained unchanged once more in October, according to the latest figures released by the Office for National Statistics.

The price of a house in the UK increased by 1.3% in the 12 months to September, representing a modest 0.2% decline since August.

On a regional basis, the North West had the highest rate of growth during this period, with property prices in the area rising by an average of 2.8%, followed by a 2.2% increase in Yorkshire & the Humber.

However, on a monthly basis, the South East saw the largest gain in prices of 1.0% between August and September, whilst prices in the East Midlands fell by 1.2%.

In the rental market, the average price paid by tenants increased by 1.3% in the 12 months to October, a rate that has not changed since May.

Excluding London from the figures reveals rents grew by 1.5% over the same period, which again is the same rate seen every month so far this year, whilst prices in England saw a slight uplift from September’s 1.3% rate to 1.4%.

The South West was again the best performing region, with tenants paying an average rent 2.2% higher than in October 2019.

Just three other regions saw rent inflation above England’s 1.4% average; the East Midlands (+1.9%), Yorkshire & the Humber (+1.8%), and the South East (+1.7%).

With the value of sterling weakened since Brexit, overseas buy-to-let investors are returning to the UK’s private rented property market according to Hamptons International.

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