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House prices in the UK have soared by £11,000 in a year despite THIS

HOUSE prices in the UK were £11,000 higher in July compared to last year, according to new figures.

The average UK house price was £226,000 in July, £11,000 higher than in July 2016.

Property values were up by 5.1 per cent in the year to July and the annual growth rate has remained broadly around 5 per cent during 2017.

House prices were also up by 1.1 per cent month-on-month in July.

The figures come from the latest data released by the Office for National Statistics (ONS).

The highest annual house price growth was in the East Midlands, at 7.5 per cent, while the slowest annual growth was in London, at 2.8 per cent, in the 12 months to July.

House price growth in London has remained below the UK average for eight months in a row.

Ged McPartlin of Ascend Properties said: “Annual house price growth of 5.1 per cent is wholly promising. While we’re beginning to see a steadying increase in price levels, we must also bear in mind the challenges the market has had to deal with, such as Brexit and the snap election.

“If we take these into consideration, the market has held up incredible well.

“It’s also fantastic to see the number of first time buyers up by 5.1 per cent annually, this comes at a time when stock levels continue to remain low, particularly in city centres like Manchester and Liverpool. Demand is high and competition is fierce, so these figures are positive and proof that the market is continuing to move.

“I’m sure we’ll continue to see more healthy levels of growth as we move into 2018.”

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