The latest data from the Office for National Statistics (ONS) reveals an upturn in UK house prices after nine months of stagnation, alongside a deceleration in rent price inflation.
In the 12 months leading up to March, average house prices experienced a 1.8% increase. The UK’s average house price rose to £283,000, climbing from £281,000 in the previous month.
England witnessed a 1% rise in average house prices to £299,000, while properties in Wales saw a modest increase of 1.3% to £214,000.
Meanwhile, Scotland experienced the most significant surge, with a 6.7% increase to £192,000 over the same period.
Grant Fitzner, Chief Economist at ONS, commented, “Average UK house prices have rebounded for the first time since last summer.
House prices have shown yearly growth across all regions and nations, except for London and the South East, with Scotland leading the pack in terms of annual growth.”