July data from Land Registry shows an annual price increase of 5.1% which takes the average property value in the UK to £226,185.
House prices have risen by 1.1% since June 2017. The monthly index figure for the UK was 118.6.
In England, the July data shows an annual price increase of 5.4% which takes the average property value to £243,220. House prices have risen by 1% since June 2017.
Wales shows an annual price increase of 3.1% which takes the average property value to £150,846. House prices have fallen by 0.3% since June 2017.
London shows an annual price increase of 2.8% which takes the average property value to £488,729. House prices have risen by 0.3% since June 2017.
The East Midlands experienced the greatest increase in average property price over the last 12 months, with a movement of 7.5%, while the North East experienced the greatest monthly price growth with an increase of 3.3%.
London saw the lowest annual price growth with an increase of 2.8% and the South East saw the most significant monthly price fall of 0.4%.
The UK Property Transaction statistics showed that in July 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 8.3% compared with July 2016. Comparing July 2017 with June 2017, property transactions increased by 1.3%.
Looking at the regional level of the UK, the highest annual growth was in the East Midlands (7.5%) while the slowest annual growth was in London (2.8%) in the 12 months to July 2017. This is the eighth consecutive month when house price growth in London has remained below the UK average.
Jeff Knight, marketing director at Foundation Home Loans, said: “Potential buyers are facing climbing prices against continued limited supply, further encumbered by lagging wage growth, so it’s safe to say it’s been a struggle to pin-point any significant progress in the market to date.
“The underlying rate of purchasing continues to tick along, with buyers seizing opportunities to maximise record low mortgage rates. In the meantime, the rental sector offers a helping hand to tenants looking for temporary homes as they save for homeownership, and what we need now is for construction levels to be equally improved in this space so future availability will not fail to meet the cut.”
