Average house price see highest increase since start of year says Halifax HPI

The annual rate of growth was 2.4%, a slight decrease from the 2,7% rise seen in June.

Northern Ireland was the UK’s strongest performing region, with prices rising 9.3% over the past year, with the typical home now at £214,832.

In the English regions the North West and Yorkshire and the Humber had the highest rates of property inflation at 4% over the past year at £242,293 and £215,532 respectively.

Meanwhile the South West, London, and the South East saw moderate growth at 0.2% and 0.5% respectively, with London remaining the most expensive region in the UK at £539,914.

Meanwhile Scotland saw increases of 4.7%, with average prices currently at £215,238, with Welsh house prices reaching 3227,928, a 2.7% increase.

Amanda Bryden, head of mortgages at Halifax, said: “UK house prices rose in July, up by +0.4% (£1,080 in cash terms), the biggest monthly increase since the start of this year. The average house price is now £298,237, +2.4% higher than a year ago.

“While the national average remains close to a record high, it’s worth remembering that prices vary widely across the country depending on a number of factors, not least location and property type.

“Challenges remain for those looking to move up or onto the property ladder. But with mortgage rates continuing to ease and wages still rising, the picture on affordability is gradually improving.

“Combined with the more flexible affordability assessments now in place, the result is a housing market that continues to show resilience, with activity levels holding up well.

“We expect house prices to follow a steady path of modest gains through the rest of the year.”