Is the UK Housing Market on the Rise in August 2024?

1.Main points
Average UK private rents increased by 8.6% in the 12 months to July 2024 (provisional estimate), unchanged from in the 12 months to June 2024.

Average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland, in the 12 months to July 2024.

In Northern Ireland, average rents increased by 10.0% in the 12 months to May 2024.

In England, rents inflation was highest in London (9.7%) and lowest in the North East (6.1%), in the 12 months to July 2024.

Average UK house prices increased by 2.7%, to £288,000, in the 12 months to June 2024 (provisional estimate); this annual growth is unchanged from the revised estimate for the 12 months to May 2024.

Average house prices increased in England to £305,000 (2.4%), in Wales to £216,000 (1.8%), and in Scotland to £192,000 (4.3%), in the 12 months to June 2024.

In recent periods, the total transaction volumes and new build volumes available to calculate UK House Price Index estimates have been lower than usual.

US specific support

UK Specific

Moving from the UK: "Considering a move from the UK? August 2024's housing trends show a steep rise in both rents and house prices, with London seeing the highest rental inflation. Understand the market before making your next move."
Relocating to Scotland: "Relocating to Scotland? House prices have increased by 4.3%, reaching £192,000. Learn about the latest UK housing trends before deciding to buy or rent."
Investing in UK Property: "Thinking of investing in UK property? With house prices up by 2.7% and rents increasing by 8.6%, discover if 2024 is the right year for your investment."

[JackBlack-iiip]

Sky house prices, high cost to borrow money.
Here in sunny Japan the situation is the complete opposite. When you can buy a three-bedroom suburban house for 30, 000 pounds, why rent?
Jack, the Japan Alps Brit

[picknmix]

Also the ONS have a much more useful regional house price tool. This shows for example that in Ipswich, detached houses are nearly 8% down on June last year, but in Oldham detached houses were up 3% from June last year.

[picknmix]

Quoting the UK average is totally misleading and useless. You could get an increase in the average if more, higher value properties are being sold (for example by people who can't afford their newly inflated mortgage payments) but those individual properties might be selling for less than say a year ago.

[peromalmstrom]

As all statistics, they are a guide, but ground truth with reality, is different. In Herefordshire, as an example, the reality is most houses are selling from between 5% to 15% below listed sale price, on all big websites showing sales and property listings, that all statistics are taken from. This means, it is a buyers market. Other YouTube content, from estate agents and accountants, are stating the market is dropping, not increasing, as ground truth reality is different from the statics that dribble out to keep a housing market over-valued, over inflated.

[edmond]

Lower than mortgage rate and saving interest rate. Would investors be interested in it?

[johnporcella]

My guess is upwards as demand outstrips supply.