House prices increased by 7.8% over the year to June 2022, according to the UK House Price Index, published by the Office for National Statistics.

The average UK house price was £286,000 in June 2022, which is £20,000 higher than this time last year.

This annual growth figure is down significantly from 12.8% in May 2022. However, this is due to last June (2021) being a particularly strong month for the housing market.

On a monthly basis, average property prices grew by 1% between May and June 2022, representing the eighth consecutive monthly increase.

Home nations

Average house prices increased over the year in England to £305,000 (7.3%), in Wales to £213,000 (8.6%), in Scotland to £192,000 (11.6%) and in Northern Ireland to £169,000.

Jonathan Hopper, CEO of Garrington Property Finders, said: “Economic gravity is finally catching up with the once superheated property market.

“Rather than slipping into its customary summer holiday lull, in recent months the property market has been shocked into action by the gathering recessionary clouds, and it has been ‘all change’ for both buyers and sellers.

“With consumer inflation now at a 40-year high and Britons’ real-terms earnings falling at the fastest rate on record, confidence is starting to wane – and this is rapidly redrawing the familiar patterns of the post-pandemic boom.

“Sellers have become much more flexible in their pricing, with many keen to agree a deal quickly ahead of a potential softening of the market.

“Meanwhile buyers are being far more measured in their approach to negotiation, which increasingly means seeking a discount to serve as a comfort buffer to offset unknown risks.”