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UK house price declines slow down amid record rent increases

UK house price declines slow down amid record rent increases

Posted on April 22, 2024   |  

The average house price in the UK decreased by 0.2% in the year leading up to February, a smaller drop compared to the previous period.

Across the UK, average house prices varied: England saw a 1.1% decline to £298,000, Wales experienced a 1.2% drop to £211,000, while Scotland witnessed a 5.6% increase to £188,000.

Northern Ireland saw a 1.4% increase in average house prices, reaching £178,000 in the fourth quarter of 2023.

Private rents in the UK surged by an estimated 9.2% in the year ending March, slightly higher than the previous year's increase.

The average private rent in Britain rose to £1,246 in March, up £104 from the previous year.

England experienced a significant rise in private rents to £1,285, marking the largest increase since records began in 2006.

Wales, Scotland, and Northern Ireland also saw notable increases in private rent prices, with Wales at £727, Scotland at £947, and Northern Ireland experiencing a 10.1% surge in rents over the 12 months to January 2024.