The average UK house price increased £2,200 between June and July this year, according to new data.
The Halifax House Price Index listed the cheapest and most expensive places to buy in the country.
The 0.8 per cent month-on-month average increase was greater than it has been in a few months.
The average property price was £291,268 in July, up from £289,042 in June. However, buyers in some parts of the country will need to pay much more for a home.
Properties in London were the most expensive PA The most expensive homes listed were found in London, costing an average of £536,052. This was more than three times as much as the most affordable properties, which averaged £171,663 in the north east.
Cheapest UK regions to buy property
North East, £171,663
Northern Ireland, £195,681
Scotland, £205,264
Yorkshire and the Humber, £206,480
Wales, £221,102
North West, £232,489
East Midlands, £239,448
West Midlands, £253,649
South West, £301,359
Eastern England, £330,282
South East, £386,468
London, £536,052
Nearly all regions saw an increase, although prices were down 0.4 per cent month-on-month in Eastern England.
The greatest monthly increase was in Northern Ireland, where home values jumped 5.8 per cent between June and July 2024.
Head of mortgages at Halifax Amanda Bryden said: “In July, UK house prices increased by 0.8 per cent on a monthly basis, following three relatively flat months.
“The average house price in the UK is £291,268, up over £2,200 compared to the previous month.
“Annual growth rose to 2.3 per cent, the highest rate since the start of this year.
LATEST DEVELOPMENTS
Average house prices have increased
PA
“Last week’s Bank of England base rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder.
“However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.
“Against the backdrop of lower mortgage rates and potential further base rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.”
Looking to sell? Experts shared “cost-effective tricks” to boost your property’s value and make it “more attractive” to potential buyers.
