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House prices fall while private rents continue to see record rises
Average UK house prices are estimated to have fallen 1.4% in the year to December 2023 (provisional estimate). This is up from a decrease of 2.3% in the 12 months to November 2023 (revised estimate).
The average UK house price was £285,000 in December 2023 (provisional), which was £4,000 lower than the same month a year ago.
In the year to December 2023, average house prices are estimated to have fallen in England and Wales (by 2.1% and 2.5%, respectively), while in Scotland house prices rose by 3.3%.
In Northern Ireland, average house prices rose by 1.4% in the year to quarter 4 (October to December) 2023.
These provisional estimates are based on smaller data volumes than usual. For further information, please see our full UK House Price Index bulletin.
Private rental prices continued to grow at a record high rate in the UK, rising by 6.2% (provisional estimate) in the year to January 2024, unchanged for the second consecutive month. This remains the largest annual percentage change since this UK data series began in January 2016.
Private rent prices rose 6.1% in England, 7.0% in Wales and 6.8% in Scotland in the year to January 2024. These are the highest or joint-highest annual changes in English and Scottish rental prices since records began (January 2006 for England, and January 2012 for Scotland).
Private rental prices in London (which accounts for almost a third of UK rental expenditure) increased by 6.9% in the 12 months to January 2024. This is the highest annual inflation of any English region, and the joint-highest annual change in London since January 2006, when records began.
ONS’ House Price Index (HPI) and Index of Private Housing Rental Prices (IPHRP) bulletins will be discontinued after 14 February 2024. They will be superseded by the new, monthly Private rent and house prices, UK bulletin from 20 March 2024, where we will continue to publish housing statistics and links to relevant tables and datasets.
Around a third (35%) of adults in Great Britain who were paying rent, or a mortgage, said they were finding payments very or somewhat difficult to afford.
This was according to those asked between 17 and 28 January 2024 as part of our latest Public opinions and social trends bulletin.
This proportion was at a high of 46% in the period covering 28 June to 9 July 2023, but appears to have slowly decreased since then.
Separate analysis of Opinions and Lifestyle Survey data from 12 July to 1 October 2023 found that some groups were more likely to report difficulty with rent and mortgage payments, including lone parents, Asian and Asian British adults and Black, African, Caribbean or Black British adults.
You can use our Mortgage Calculator tool to see how mortgage repayment costs have changed around the country and enter your own inputs to personalise estimates for where you live.
How this affects you
Read our summary of our current and future analytical work related to the cost of living.
The government is offering help for households. See what cost of living support you could be eligible for.
Explore the UK Measures of National Well-being dashboard, which tracks the progress of a range of factors affecting people’s lives. We have explained some of the findings from new measures added in 2023 in our Most adults report making some changes to their lifestyle for environmental reasons article.