The Office for National Statistics has reported that in July, on average, house prices rose by 0.5% since June 2019.

There has been an annual price rise of 0.7%, which makes the average property in the UK valued at £232,710.

In England, the July data shows on average, house prices have risen by 0.5% since June 2019. The annual price rise of 0.3% takes the average property value to £248,837.

By region, Yorkshire and the Humber experienced the greatest monthly price rise, up by 3.2%, while the North East saw the most significant monthly price fall, down by 2.1%.

Yorkshire and the Humber experienced the greatest annual price rise, up by 1.9% and the North East saw the largest annual price fall, down by 2.9%.

Paul Stockwell, chief commercial officer of Gatehouse Bank, said: “This might be the lowest annual house price growth rate in almost seven years but the slow upward trajectory continues in earnest alongside plummeting transaction levels.

“High prices and low supply have become the norm, and even unsettled economic conditions and Brexit have failed to reverse the trend in house price growth while transactions fell 12.4% compared to last year.

“First-time buyers who might have hoped that Brexit would put the reigns on ever-climbing prices will be disappointed with the very small falls we continue to see in London and the South East compared to last year. These declines are insignificant when prices are already so high.”