Average house prices increase 2.2%

Official data shows that in July, London's house prices fell short of the UK as a whole, but rents increased more quickly in the capital than in other areas. The Office for National Statistics said that the average price of a home in London dropped to £521,000 in July at an annual pace of 0.4%. In comparison, the UK saw an annual growth of 2.2% to £290,000. The data highlights the disparity between property prices in the nation's capital and the rest of the country, where prices increased in July, continuing a trend that has been mostly stable since 2016. On the other hand, the ONS reported that private rentals in London increased by 9.6% in the year ending in August, outpacing the 8.4% increase in the UK as a whole. This increase significantly outpaces the 5.1% rise in wages, exacerbating the cost-of-living crisis

Evening Standard (18/09/2024)   Financial Times (18/09/2024)   Reuters (18/09/2024)   The Times (18/09/2024)