UK Property Prices Continue to Increase according to the Latest ONS Figures

The latest figures from the Office for National Statistics (ONS) underscore the resilience and growth potential of the UK property market, making it an attractive prospect for overseas investors.

In the 12 months leading up to March 2024, average UK house prices rose by 1.8%, reaching £283,000. This marks a significant turnaround from the 0.2% decrease observed in the 12 months to February 2024 and represents the first annual price increase since June 2023.

Breaking down the regional data, house prices in England saw a 1.0% rise to £299,000. In Wales, the average house price climbed by 1.3% to £214,000, while Scotland experienced a robust 6.7% increase, bringing average prices to £192,000. Northern Ireland also demonstrated strong growth, with house prices rising by 4.0% to £178,000 in the first quarter of 2024.

In addition to rising house prices, the rental market also showed impressive performance. Average private rents across the UK increased by 8.9% in the 12 months to April 2024. Although slightly down from the record high of 9.2% in March 2024, this still indicates strong demand and steady growth in rental yields.

The ONS notes that UK monthly rent estimates for the latest two months and UK House Prices Index (HPI) estimates for the last 12 months are provisional and may be revised. These figures are non-seasonally adjusted estimates, reflecting the raw data.

For potential overseas investors, these statistics highlight the UK property market as a solid investment with promising returns. The combination of rising house prices and strong rental growth signals a resilient market poised for continued growth. Magnate Assets will keep monitoring these trends and provide insights to help investors make well-informed decisions in this dynamic market.