The BBC, citing an official source, said that 17 UK nationals are either dead or missing, including children.
A previous estimate had put the figure at more than 10.
Foreign Secretary James Cleverly had said on Tuesday that a "significant number" of British-Israeli nationals had been caught up in the conflict, which has already claimed at least 2,100 lives on both sides.
The UK Government has not confirmed any figures for those believed dead or missing, pointing to the fastmoving situation in the region.
Among those known to have died is Nathanel Young, 20, who was serving in the Israeli army when he was killed during Hamas's charge.
Bernard Cowan, who grew up around Glasgow, also died.
Jack Marlowe, 26, who went to the same London school as Mr Young, is believed to be missing, while photographer Dan Darlington is feared dead.
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