UK house prices see lowest annual growth in 7 years

UK house prices have seen their lowest annual growth in seven years.

UK house prices grew by 0.7% in the year to July 2019, down from 1.4% in June 2019. This is the lowest annual growth rate for the UK since September 2012, when house prices increased by 0.4%, according to latest figures from the Office for National Statistics (ONS) and HM Land Registry.

On a non-seasonally adjusted basis, average house prices in the UK increased by 0.5% between June 2019 and July 2019, compared with a rise of 1.2% during the same period a year earlier (June 2018 and July 2018).

House price growth was strongest in Wales where prices increased by 4.2% in the year to July 2019, down slightly from 4.3% in the year to June 2019.

The lowest annual growth was in the North East, where prices fell by 2.9% over the year to July 2019, followed by the South East where prices fell by 2.0% over the year.

Trussle mortgage expert Dilpreet Bhagrath said: “While the peak of summer tends to bring a slowdown in housing market activity, Brexit concerns may well have played a part in July being the lowest annual rate for house price growth in almost seven years.

“And with the Prime Minister’s Halloween Brexit deadline fast approaching, it’s unclear whether we’ll see an uplift in prices this year. As economic and political uncertainty continues, current and aspiring homeowners may want to consider a fixed-rate mortgage deal. Knowing how much repayments will cost each month will give some piece of mind. However, it's always important to consider any personal and future circumstances when securing a mortgage, and seek advice to ensure you're aware of the options.”

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