In July, British house prices increased by 2.2% year-on-year, marking the fifth consecutive monthly rise. However, this rate of growth slowed compared to a revised 2.7% increase in June, according to the Office for National Statistics. Notably, house prices in London declined by 0.4%. Other indicators suggest a recovery in the UK property market as demand has improved following a reduction in borrowing costs.
Meanwhile, data released earlier on Wednesday showed no change in British consumer price inflation, leading investors to lower their expectations for a potential interest rate cut by the Bank of England on Thursday.
The ONS also said its gauge of private rents rose by 8.4% in the year to August.
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