House prices in the UK have on average increased by 1% since May this year, according to data from the ONS
House prices in the UK increased 7.8% in June on an annual basis, with the average property in the UK being valued at £286,397, according to the latest UK house price index data from the Office for National Statistics (ONS).
The data found that house prices in the UK have on average increased by 1% since May this year.
In England, house prices have risen 0.9% between May and June and went up by 7.3% annually taking the average property price to £304,867.
House prices in London went up by 1.9% between May and June and increased 6.3% annually taking the average property price to £537,920.
Meanwhile, in Wales house prices increased by 0.6% between May and June and went up by 8.6% annually taking the average property price to £213,091.
On a regional basis in England, the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 9.7% while the North East saw the lowest annual price growth with an increase of 3.6%.
Yorkshire and the Humber saw the most significant monthly price fall with a movement of –0.4% since May and the North West experienced the greatest monthly growth with an increase of 2.1% since May.
These figures are released after the ONS revealed that inflation in the UK reached 10.1% in July, setting a fresh 40-year record high.
The latest figure is driven by a 43.7% rise in the price of motor fuels year-on-year and an increase of 12.7% in the price of food and non-alcoholic beverages.
Looking at the latest ONS market data for June, Propertymark chief executive Nathan Emerson says, it’s not surprising that an increase is again being seen in the average house price.
As of this month, however, for the first time since the recent hikes in prices, data has shown that the average is starting to decrease, he said.
Despite this slowing in the market, agents continue to report increases in the time taken to exchange, with our latest Housing Market Report showing that 41% of sales took 17 weeks or more to go through, compared to just 10 per cent pre-pandemic, he said.
Together head of personal finance intermediary sales James Briggs explains: Despite today’s increase, economic uncertainty and sluggish growth continues to put pressure on people’s finances, potentially deterring prospective buyers from pursuing their property plans this year.
He said: With higher interest rates, increasing costs and rising inflation, buyers and sellers may continue to find prices begin to drop as demand softens. Given the potential of a recession, how long this will last is not yet clear. The market remains volatile, and we can expect much more price activity as we enter the winter months.
