The average UK house price was £290,000 in July, which is £2,000 higher than 12 months ago, but £2,000 below the recent high in November last year
Average UK house prices rose 0.6% in the 12 months to July, down from a revised 1.9% in June, according to the latest UK House Price Index from the Office for National Statistics (ONS) and Land Registry.
The average UK house price was £290,000 in July, which is £2,000 higher than 12 months ago, but £2,000 below the recent high in November last year.
Average house prices rose over the 12 months to July by 0.6% in England, 0.1% in Scotland, and 2.7% in Northern Ireland, while average house prices in Wales dropped by -0.1%.
The North East saw the highest annual percentage change of all English regions in the 12 months to July (2.7%), while the South West saw the lowest at -1.0%.
London saw an annual inflation rate of -0.8%. While London prices rose between June and July this year, they rose by a bigger amount between the same months in 2022.
On a seasonally adjusted basis, the average UK house price declined 0.5% in July, after a MoM increase of 0.7% in June. On a non-seasonally adjusted basis, prices increased 0.5% in July, after an increase of 1.1% in June.
Nick Leeming, chairman of Jackson-Stops, said: With house prices holding firm month-on-month, this poses a welcomed period of stability for the market. On the eve of another possible interest rate hike to 5.5%, it is easy to propose that the sun has continued to set on the property market for this year, but the hope is that this increase marks the last in the current cycle.
Broader economic headwinds are starting to loosen. Inflation declined to its lowest level in July since February 2022, and mortgage rates continue to drop for the time being – sub-5% for the first time in a year. In the meantime, homebuyers are still out in force driven by lifestyle and requirement, he said.
He added: As supply rises, now is the time when sensible pricing will prevail. Pricing that mirrors the conditions of the local market and buyers’ expectations will put sellers in the best position in order to achieve a sale. While this is not a full tilt from a sellers’ to a buyers’ market, the frenzied level of viewings and offers that we saw during the pandemic is not the environment we are now in.
