UK house prices have risen 3% over past year, says ONS

The average cost of buying a home in the UK has increased by 2.9% in the 12 months to September 2024, according to the Office for National Statistics.

Average house prices currently total around £292,000, with the figures representing slight growth from the previous month’s data of a 2.7% increase in the 12 months to August 2024.

Regionally, Northern Ireland has seen the largest increase in house prices, while remaining the cheapest place to buy property.

The average house price for Northern Ireland was £191,000 in Q3 (July to September), a 6.2% (£12,000) increase from the same period last year.

In September 2024, the average cost of a Scottish house was £198,000, up 5.7% (£11,000) from the previous year.

Meanwhile, England’s residences went for £309,000 on average in September, a 2.5% (£8000) annual incline.

Houses in Wales averaged £217,000 in the same time period, a slight 0.4% (£1000) increase from a year earlier.

The North East was the English region with the highest house price inflation in the 12 months to September 2024, at 6.5%, which is up from 2.1% in the 12 months to August 2024.

London had the lowest house price inflation and was the only area in decline, showing a 0.5% decrease in the year up to September. This figure was down from an increase of 1.2% reported in August.