UK House Prices Soar At 'Fastest Annual Rate Since 2007'

06/08/2014 09:21 | Updated 06 August 2014
Oli Scarff via Getty Images

Average house prices shot up by 10.2% year-on-year in July, marking the strongest annual upswing seen since 2007, Halifax has reported.

The increase pushed average property values to £186,322, with a 1.4% uplift also recorded month-on-month, reversing a 0.4% monthly dip in June.

The annual increase in house prices is the strongest seen since a 10.7% rise was recorded in September 2007 and the latest figures also mark the first time since then that year-on-year house price growth has hit double digits.

Halifax said that month-on-month price changes can often be volatile and quarterly movements in prices tend to give a better indication of the underlying trend in the market.

On a quarterly basis, house prices in the three months to July were 3.6% higher than in the three months to April, representing the biggest quarterly uplift since December 2006.

Stephen Noakes, mortgages director at Halifax, said: "While supply remains low, housing demand continues to be supported by a continuing economic recovery, growth in employment, improving consumer confidence and low mortgage rates."

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