House prices up 11% year-on-year in July

Property prices in the UK have hit an average of £271,209, according to data from Nationwide. Prices were up 11% year-on-year in July, exceeding the 10.7% annual growth recorded in June. The increase means values have risen for 12 consecutive months. Month-on-month, prices climbed 0.1% last month, with this the smallest level of growth in a year. The level of growth has fluctuated in different areas of the UK, however, with the quarterly change in price in the South West at 14.7%, compared to 6% in London. The capital has the highest average property price at £540,399, while Scotland has the lowest, £181,422. First-timer buyer mortgage completions remain around 5% above pre-pandemic levels, according to the Nationwide. Reflecting on the figures, Nationwide’s chief economist Robert Gardner said: “While there are tentative signs of a slowdown in activity, with a dip in the number of mortgage approvals for house purchases in June, this has yet to feed through to price growth".

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