Official: UK house prices rise
UK house prices were up 1.1% in July, bringing the average price of a UK property to £226,155, according to figures from the Office for National Statistics (ONS).
This marks a 5.1% rise over the year to July 2017, unchanged from June 2017 – which means properties have typically increased in value by £11,000 in the last 12 months.
The main boost to the overall rise in UK house prices came from England, where prices increased by 5.4% over the year to July 2017.
Wales saw house prices increase by 3.1% over the last 12 months, while in Scotland, the average price increased by 4.8% annually.
The average price in Northern Ireland increased by 4.4% year-on-year.
Regionally, the East Midlands has experienced the biggest increase in prices over the year at 7.5%, compared to just 2.8% in London.
Adrian Moloney, sales director of OneSavings Bank, said: “A shortage of housing supply is upholding property prices, while buyers continue to walk a narrow tightrope to homeownership.
“On the one hand, strong employment growth and historically low mortgage rates are supporting buyer demand, but on the other, stagnant wage growth is being outstripped by consumer prices, making homes less affordable.
“Mortgage approval levels recovered last month, suggesting a small rebound in consumer confidence and affordability, despite the enduring economic unknowns that continue to cloud the long-term view.”