House prices hit new record in July

House prices hit new record in July

June's figure was revised up from 0.3%.

On a monthly basis, prices rose by 1.4 per cent last month, making the typical home in the United Kingdom cost a new record high - £230,280.

"For instance, Rightmove's measure of online asking prices rose by just 1.4% year-over-year in July, while a net balance of just +3 surveyors reported to RICS that house prices had risen over the past three months in June", Tombs said.

In a surprise announcement, house prices picked up in July with the annual rate of growth rising from 1.8 per cent in the previous month to 3.3 per cent, according to the Halifax.

House prices grew 1.4 percent month-on-month in July, faster than the 0.9 percent rise in June.

He said: "Despite the recent modest improvement in mortgage approvals, the latest survey data for new buyer enquiries and agreed sales suggest".

Foundation Home Loans marketing director Jeff Knight says: "With the Bank of England's decision to raise interest rates for only the second time in a decade, households feeling the pinch may be concerned that this could be the beginning of a new era".

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But Halifax said that transaction activity "remains soft" and that it expected the number of mortgage approvals to be broadly flat during 2018.

Halifax said that house prices are being supported by the underlying strength in the jobs market, with employment rising by 137,000 in the three months before May.

The prices are based on the local market.

Mike Scott, chief property analyst at estate agent Yopa, said the increase in prices does not reflect an increase in market activity, with both buyer and seller numbers remaining subdued.

'Housing market activity is still relatively lacklustre and we expect it to remain so as the extended squeeze on consumer purchasing power only gradually eases, consumer confidence is relatively fragile and appreciable caution persists over engaging in major transactions.

"The modest momentum could also be given a short-term boost by last week's increase in interest rates, which, rather than cooling the market, may spur previously hesitant buyers into action during the typically busy "back to school" season next month".

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