According to official data, July saw the most significant price increase since 2016.

The Office for National Statistics (ONS) reported that UK private rental prices rose 5.3% in the year to July, the most significant annual percentage change since 2016.

The increase from 5.2% in the previous month was consistent with two years of rising costs.

According to the ONS, annual private rental prices rose 5.2% in England, 6.5% in Wales, and 5.7% in Scotland.

The West Midlands, Yorkshire and the Humber, and London had the highest yearly percentage change in private rental prices at 5.5%, while the North East had the lowest at 4.6%.

The ONS also reported that house price growth slowed to 1.7% in the year to June, down from 1.8% in May and significantly below the July peak of 14%.

Moving Markets

According to the survey, the average UK house price in June was £288,000 ($368,000). Average house prices rose 1.9% to $391,000 in England, 0.6% to $272,000 in Wales, and 2.7% to $222,000 in Northern Ireland. House prices in Scotland averaged $241,000, unchanged.

Annual home price inflation, assessed using final transaction prices, slowed again in June, but the reduction was milder than in previous months, said ONS housing market indices head Aimee North.

The Bank of England’s interest-rate hikes to limit inflation drove mortgage rates to a 15-year high last month, lowering demand in the British home market.

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