Year-on-year, they increased 2.2%, although that was down on a revised estimate for growth of 2.7% in the 12 months to June
UK house prices rose for the fifth consecutive month in July, official data showed on Wednesday, as the market continued to rebound.
According to the latest UK House Price Index from HM Land Registry, average house prices increased 0.6% since June. Year-on-year, they increased 2.2%, although that was down on a revised estimate for growth of 2.7% in the 12 months to June.
As a result, the average property in the UK now costs £289,000.
London was one of only two regions in England that did not record a monthly increase and the only to show a year-on-year decline. Prices dropped 0.3% month-on-month and by 0.4% annually, to £521,000.
In Yorkshire and the Humber, they declined 0.5% on June but climbed 3.7% on an annual basis.
The UK housing market has came under severe strain in recent years, hit by a shortage of properties coming to market, soaring inflation, the cost of living crisis and record interest rates.
It was then rocked further by former prime minister Liz Truss’s mini budget in 2022, which sent mortgage rates soaring.
However, this year has seen mortgage rates start to decline, while improving economic conditions – most notably dropping inflation and a quarter point cut in interest rates – bolstered confidence.
The Bank of England is due to announce its next decision on interest rates on Thursday.
It reduced the rate to 5% in August, but few analysts expect another cut this month, especially after inflation data released earlier on Wednesday showed the CPI was unchanged at 2.2%.
The UK HPI, which was previously published by the ONS, is compiled using data from HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency, and the Valuation Office Agency.
