UK house prices rose 2.8% to an average of \u00a3270,000 in the year to July \u2013 substantially less than the 3.6% in the 12 months to June.<\/p>\n
The data comes from the government\u2019s Office for National Statistics.<\/p>\n
The average house price is now \u00a3292,000 in England, \u00a3209,000 in Wales and \u00a3192,000 in Scotland. The average in Northern Ireland is \u00a3185,000.<\/p>\n
The\u00a0North East\u00a0was the English region with the highest house price inflation, at 7.9%, in the year to July, up from 7.7% in the 12 months to June.\u00a0 Annual house price inflation was lowest in London, at 0.7%, in the period, down from 0.9% in the 12 months to June.\u00a0<\/p>\n
Jean Jameson, chief sales officer at Foxtons, comments: \u201cThere understandably remains some uncertainty ahead of the Autumn Budget. Overall, house prices have grown over the last 12 months, and where properties are priced pragmatically, they are still attracting interest and selling quickly.\u201d<\/p>\n
The housing market figures come ahead of today\u2019s meeting of the Bank of England monetary policy committee, which is widely expected to vote for a hold on base rate. This is predicted following the overall inflation rate remaining at 3.8% and food inflation exceeding 5%.<\/p>\n
SPF Private Clients chief executive Mark Harris says: \u201cWith inflation holding steady in July, could it have finally peaked?\u00a0\u00a0The rate setters at the Bank of England may decide to\u00a0monitor\u00a0the situation a little longer before committing to the next rate reduction, with [the] meeting\u00a0perhaps coming\u00a0too soon for another cut.\u00a0<\/p>\n
\u201cEasing of mortgage criteria by lenders continues, with borrowers in theory able to take on bigger mortgages and afford the houses they desire.\u00a0Lenders have plenty of liquidity and are keen to lend with mortgage rates fairly steady on the whole, although some lenders are tweaking rates upwards.\u201d\u00a0<\/p>\n
MT Finance director Tomer Aboody adds: \u201cLower interest rates give buyers more confidence in moving, which in turn has brought about an increase in pricing.\u00a0\u00a0However, despite cheaper rates, transactional levels\u00a0remain\u00a0stunted.\u00a0\u00a0<\/p>\n
\u201cThis further underlines the case for taking action to reduce or reform stamp duty in order to allow the market to really start to flow again, which in turn will strengthen the wider economy.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"UK house prices rose 2.8% to an average of \u00a3270,000 in the year to July \u2013 substantially less…\n","protected":false},"author":2,"featured_media":70445,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[79,18,19,17,188,48721],"class_list":{"0":"post-70444","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-markets","13":"tag-uk-property-market-analysis"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/70444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=70444"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/70444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/70445"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=70444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=70444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=70444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}