House prices rose for the fifth month in a row in June, according to the latest figures from the Office for National Statistics.
The average house price was up 2.7 per cent, with the typical home selling for around £288,000. In cash terms, it means the average house price jumped £8,000 compared to 12 months earlier. This is the fastest pace of house price rises in almost 2 years.
The ONS figures are considered the gold standard when examining the rise or fall in house prices because they base their results on completed sales. The average home jumped 0.5 per cent between May and June alone, with property values in Yorkshire and the Humber performing most strongly.
UK rental price growth remained unchanged at a near-record high clearly showing the impact of high mortgage rates and low housing availability on tenants.
Average UK private rents increased by 8.6 per cent in the 12 months to July, the Office for National Statistics said on Wednesday. The figure was unchanged from June and still close to a record annual rise of 9.2 per cent in March. London was the region of the UK with the highest rent inflation, at 9.7 per cent, in July.
Most startlingly there were 42% fewer homes to rent in June across Great Britain than there were in June 2016 according to Hamptons monthly lettings Index.
