Average UK private rents were up 8.9% in the year to April according to the Office for National Statistics.

This is a slight easing from 9.2% a month earlier.

In England, rent inflation was highest in London at 10.8% and lowest in the North East at 5.8%.

Meanwhile on the sales side, the average UK house price annual inflation was 1.8% in the 12 months to March 2024 – better than the 0.2% drop in the 12 months to February 2024.

The average UK house price was £283,000 in March 2024  which is £5,000 higher than 12 months ago. 

Here’s the UK Nations breakdown. Average house prices in the 12 months to March 2024 increased in England to £299,000 (1.0%), increased in Wales to £214,000 (1.3%) and increased in Scotland to £192,000 (6.7%). The average house price increased in the year to Q1 (Jan to Mar) 2024 to £178,000 in Northern Ireland (4.0%).

With regard to the English regions, annual house price inflation was highest in Yorkshire and the Humber, where prices increased by 5.0% in the 12 months to March 2024. London was the English region with the lowest annual inflation, where prices decreased by 3.4%.

Commenting on the latest figures Propertymark chief executive Nathan Emerson said: “The housing market is a key indicator regarding wider economic health, and it is extremely positive to see further uplift and confidence within the housing sector. As inflation tracks downwards, it is widely anticipated the Bank of England will consider a reduction in its base rate and at this point we hope to see lenders offering a much wider range of competitive and highly targeted deals. “