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  • Writer's pictureThe Cedar Crest Team

Average UK House Price: £256,000

Updated: Dec 7, 2021

Impact of rising prices and phasing out of stamp duty holiday


SOARING HOUSE PRICES


Over the past year have pushed home ownership further out of reach for many people.


The average UK house price was £256,000 in July, which is £19,000 higher than a year earlier, according to data from the Office for National Statistics (ONS).[1]


 

AVERAGE HOUSE PRICES, WHAT THE NUMBERS SHOW UK


UK average house prices increased by 8.0% over the year to July 2021, down from 13.1% in June 2021.


The average UK house price was £256,000 in July 2021, which is £19,000 higher than this time last year, following the record high of £265,000 in June 2021.

Average house prices increased over the year in England to £271,000 (7%), in Wales to £188,000 (11.6%), in Scotland to £177,000 (14.6%) and in Northern Ireland to £153,000 (9.0%). London continues to be the region with the lowest annual growth (2.2%) for the eighth consecutive month.


 

BREATHING LIFE INTO THE PROPERTY MARKET


The ONS has said its July house price figures may go on to be revised in future, as there was less transaction data available than expected during the pandemic.


Despite the slowdown in July, prices are not expected to fall any time soon, and there are no signs of imminent deflation, because the race for more living space, lower mortgage rates, and the welcome return of first-time buyers is continuing to breathe life into the property market.


Source data: [1] https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/july2021

 

>> WHAT TYPE OF MORTGAGE ARE YOU LOOKING FOR?<<


Whether you’re investing in property or looking to buy your first home, we can help.


To discuss your options, contact Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017,

HK T: +852 6645 4462email info@cedar-crest.co.uk


Your home may be repossessed if you do not keep up repayments on your mortgage.


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