According to the data, the typical UK property now costs £291,268 compared with £289,042 in June.
Northern Ireland saw the strongest property growth, with a 5.8% increase on an annual basis in July, up from 4.1% the previous month, the highest increase since February 2023 — the price of a house in Wales increased by 3.4% to £221,102, the highest rise since October 2022.
Scottish house prices also increased by 2.1% from the year before with the average price at £205,264 in July.
Meanwhile Eastern England saw a price fall, the only region to do so, with a drop of 0.4% and prices at £330,282.
London maintained its top spot as the area with the most expensive prices with an average of £536,052, a rise of 1.2% from last year,
Tomer Aboody, director of at MT Finance, said: "With interest rates reduced recently following months of speculation, and a number of mortgage rate cuts as well, the fruits of this are already being reflected in market activity.
"With property prices rising, this demonstrates the positivity there is in the market.
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“With traditionally stronger months of the year for the housing market still ahead of us, and banks expected to continue trimming their mortgage rates, we should hopefully see a strong end to the year.
"The only potential fly in the ointment is the October Budget, which many fear could be quite painful."
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says: “With an unexpectedly busy start to August in our offices, the long-awaited cut in interest rates and removal of any election uncertainty has clearly gone down very well with prospective buyers and sellers.
“The hot, sunny weather, combined with buyers who may have delayed their plans now wanting to get on with their moves this year, is boosting activity and enquiries.
“People have long been talking about the prospect of rate cuts and now the first of these is a reality, we are hopeful this activity will continue into the autumn.
“However, buyers need to be careful what they wish for as cheaper mortgages will almost certainly mean higher asking prices.
“If we see a flurry of new applicants coming back to the market, encouraged by cheaper mortgage rates, then these higher prices are likely to be achieved.”
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