House price growth slows to 7.8%

House price growth slowed from 12.8% to 7.8% between May and June, a decline that marks one of the steepest monthly drops in annual growth ever recorded by the Office for National Statistics (ONS). The slowdown was so large partly because the annual growth rate was based on huge house price rises recorded in June 2021, the final month in which buyers could benefit from the full stamp duty holiday. The ONS figures show that the average property value climbed to £286,000 in June, an increase of £20,000 on a year earlier. While annual house price growth cooled from 13% to 7.3% in England and from 14.1% to 8.6% in Wales, it remained steady at 11.6% in Scotland. London remained the most expensive of any region in the UK, sitting at a record level of £538,000 in June 2022.

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