July House Prices Up

Annual house price inflation increased in July to 14.3 per cent, up from 13.9 per cent in June, according to the latest statistics from the Office of the Deputy Prime Minister.

According to the figures, the average UK property price in July stood at £177,474, up 2.1 per cent from June.

The high end of the market led the surge. Prices for detached properties were up 3.2 per cent from the previous month, compared with a 2.3 per cent rise in terraced house prices.

Regionally, Wales showed the strongest growth, with property inflation there rising to 30.4 per cent, while in England the North saw the largest house price increases.

Inflation in Scotland remained high in July at 22.3 per cent, although down slightly from 23.8 per cent in the previous month.

Although London property is the highest priced in the UK, with the average house costing £266,277, the capital?s market showed the weakest growth, with inflation decreasing from 11.8 per cent in June to 8.2 per cent in July.

The government?s reports of house price inflation, which suffer a release time lag, are broadly in line with other property price reports for July, including the one published by the Halifax.