House prices rose by 15.5% in the year to July, the biggest jump in nearly two decades, while rental costs are growing at a record pace.
The Office for National Statistics revealed yesterday that the average price of a home had risen by £39,000 in the past year to £292,000, with the pace of growth accelerating at the fastest rate since May 2003.
However, the increase was caused primarily by a fall in property prices in the same month last year, when the government’s stamp duty holiday expired.
The ONS said private rents had risen by 3.4% in the 12 months to August, the fastest pace since records began in 2005.
