Average UK house prices up 8.3 pc in 2016

propertyAverage house prices in the UK increased by 8.3% in the year to July 2016, down from 9.7% in June 2016. According to the Office of National Statistics report, the average UK house price was £217,000 in July 2016, the main reason to the increase in UK house prices is England, with the average price in England now £233,000.

Andrew McPhillips, chief economist at the Yorkshire Building Society, says: “It is likely that house price growth slowed in July as people postponed their decision to get onto the property market until they can be more confident of current uncertainty. It is expected that the market to be unpredictable in the medium term, as any dips in house prices could be swiftly followed by an increase as prospective buyers look to make the most of lower prices. The housing market is rising up from its traditional summer slowdown.”

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