The ONS has released figures showing that the typical house in the UK has gained £2k in value since May, and £10k since the start of the year.
The Office of National Statistics (ONS) has today released its monthly (they lag a month behind) house price inflation figures, showing growth in line with that seen in 2016, prior to the outcome of last year's Brexit vote, when house price pundits predicted stagnation or a fall.
In England, the typical price of a home (average) is £240,000. Here, house prices have shown the largest growth, up 5.2% overall.
Scotland, by contrast, has shown the smallest. In Scotland the typical price of a house has risen to £144,000, or 2.9%.
Wales has seen a rise of 3.6% to an average house price of £152,000, whilc Northern Ireland, where the average house costs the least, has risen to £129,000 – a rise of 4.4%.
All regions of the UK have seen property price growth in the last 12 months, according to the findings of the ONS. This is in contrast to a report last week from The Halifax, which pegged prices hovering in the three months to July with growth of just 0.2 per cent.
Sarah Beeny, a property expert at estate agent Tepilo said: "We are continuing to see gradual monthly house price growth and although the annual rate of growth is marginally lower than the same time last year, I think this is excellent news for everyone.
"It means people already on the ladder still benefit from their properties increasing in value, whilst first-time buyers are much more likely to be able to afford their first property rather than being continuously priced out by steep monthly rises.”
House price inflation ahead of the current Retail Price Index (RPI) and Consumer Price Index (CPI), currently at 3.6% and 2.6% respectively means homes are gaining value in real terms – rather than just keeping up with inflation.
Obviously, this is good new for those who own their homes, but makes things harder for first-time buyers looking for a way onto the property ladder.