House prices continue to rise despite mortgage worry
House prices in England rose by 0.5% on average in July taking the price of a standard family home to £308,633, according to the UK Price Index.
Houses in the North East experienced the greatest monthly rise growing by 2.7%, while property prices in the East Midlands fell by 0.5%.
However, while house prices continue to grow it’s at a much slower pace compared to the same period last year when the average home increased by 1.9%.
House sales have also fallen compared with 2022, with 16.3% less completions.
The index also recorded repossessions and revealed they remain low thanks in part to the Mortgage Charter agreement between the government, FCA and mortgage lenders, which has enabled homeowners to switch to interest-only payments or extend their mortgage term for six months to help with soaring interest rates.
The East of England had the lowest level of repossessions, with just one house being taken by the lender, while homeowners in the North West faired less well with 16 repossessions across the region.
What's happening in your region?
East Midlands – prices fell by 0.5% with the average home costing £249,484
East of England - prices rose by 0.4% with the average home rising to £352.723
London - prices rose by 1.1% with the average home costing £534,265
North East - prices rose by 0.5% with the average home rising to £163,480
North West - prices rose by 0.3% with the average home rising to £215,648
South East – prices rose by 0.5% with the average home costing £394,096
South West – prices fell by 0.2% with the average home costing £323,713
West Midlands – prices rose by 0.2% with the average home rising to £251,313
Yorkshire and the Humber – prices rose 1.5% with the average home costing £212,730
Caroline Chell
Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.
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