House prices hit new high but growth slows

Figures from the Office for National Statistics suggest that the UK’s housing market is showing signs of slowing down as rising mortgage rates hit demand. House prices rose by 0.9% to a record £295,903 in August, the data shows, with this a 13.6% increase on August 2021. Despite the increase, growth was slower than the 16% seen in the year to July. The average house price in Scotland increased by 9.7% over the year to August hitting a record level of £195,000. In Wales, the typical house price also hit a record high of £220,000 after increasing by 14.6%. A record high was also hit in England, at £316,000, after prices increased by 14.3%. The average price in Northern Ireland increased by 9.6%, reaching £169,000. The South West saw the strongest rise in growth, with prices up 17% in the year to August, while London had the lowest annual growth, at 8.3%. 

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