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Wednesday, 19 September 2018

UK house price update

UK house prices up 3.1 per cent

With London's average price up for a fourth consecutive month, the UK average house price increased by 3.1 per cent to £231,000 over the year to July 2018. 

London's housing market has faced down some headwinds, including stamp duty changes, a fall in EU migration, and the threat of Brexit. 

The UK average house price in July 2018 was £6,000 higher than in July 2017 and £2,000 higher than in the preceding month, reported the ONS:

Source: ONS

In England prices are comfortably at record highs with an average price of £249,000, but in the other countries, in real terms the recovery over the past decade has been comparatively very modest. 

The inflation rate surprised in jumping to a 6-month high of 2.7 per cent this month.