Economic Buzz: UK Average House Prices Fall Marginally In July

5 Aug 2022 , 01:36 PM

Following a year of exceptionally strong growth, UK house prices fell last month for the first time since June 2021, albeit marginally (0.1%). This left the average house price at ?293,221, down ?365 from the previous months record high. The rate of annual inflation eased slightly (to +11.8%), although its important to note that house prices remain more than ?30,000 higher than this time last year, as reported by Halifax. First-time buyer annual inflation dropped noticeably to 10.7% in July, from 12.4% in June, and continues to be outstripped by price rises seen for home-movers (+12.0% in July, down from +12.5%). It remains the case that price gains for bigger houses are noticeably outpacing those for smaller homes. The price of a detached house has leapt by ?60,860 (+15.1%) over the last year, compared to ?11,962 (+7.7%) for flats. Powered by Commodity Insights