Annual house price inflation is at its weakest level in more than a decade following the summer jump in mortgage rates.
Data from the Office for National Statistics shows that house prices in July were typically 0.6% higher than in the same month of 2022. That was down from a year-on-year increase of 1.9% in June.
The last time the ONS recorded a weaker reading was in September 2012.
It takes the average UK house price to £290,000 in July – £2,000 more than 12 months earlier but £2,000 below the record set last November.
