The rise took the average UK property price to £292,000, while the average price for first-time buyers hit £245,419.
The ONS said that annual inflation has been steadily increasing since its low point of minus 2.7% in December 2023.
Nations and regions
Average house prices rose in England to £309,000 (3.0%), in Wales to £222,000 (4.0%), and in Scotland to £197,000 (5.5%), in the 12 months to October 2024.
The average house price for Northern Ireland is measured slightly differently – it was £191,000 in Quarter 3 (July to Sept) 2024, up 6.2% (£12,000) from Quarter 3 a year earlier, said the ONS.
Regionally, the North East had the highest house price inflation in the 12 months to October 2024, at 4.7%, while London had the lowest at 0.2%.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “There has been the odd cloud pass over the market, but buyer sentiment has continued to shine.
“House price growth has been rising throughout the year, and while 3.4% doesn’t seem like much compared to the runaway rises we saw during the pandemic, it’s streets ahead of the annual price falls we faced at the start of 2024. The fact that mortgage approvals have risen throughout the year also means there’s some real strength in the market as we approach the end of the year.”
Nick Leeming, chairman of Jackson-Stops, added: “The final few weeks of 2024 have provided the market with stable footing for a busier year ahead.
“While a continued stream of announcements from the government benched around housebuilding and planning permission promise to bring greater supply to the market, sellers continue to hold a slight advantage as we head into next year.”
