Economic Buzz: UK Housing Inflation Rise 15.5% In A Year To July

14 Sep 2022 , 03:39 PM

According to the Office for National Statistics, UK average house prices increased by 15.5% over the year to July 2022, up from 7.8% in June 2022. This is the highest annual inflation rate the UK has seen since May 2003. This jump in annual inflation was mainly because of a base effect from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday. Average UK house prices increased by ?6,000 between June and July this year, compared with a fall of ?13,000 between the same months last year. The average UK house price was ?292,000 in July 2022, which is ?39,000 higher than this time last year. Average house prices increased over the year in England to ?312,000 (16.4%), in Wales to ?220,000 (17.6%), in Scotland to ?193,000 (9.9%) and in Northern Ireland to ?169,000 (9.6%).Powered by Commodity Insights