HM Land Registry has published the official UK House Price Index Summary Report for July 2019.
The report marks the continued rise of average house prices and shows an increase of 0.7 per cent for the year to July 2019.
With the never-ending story of Brexit, it is not surprising that the pace of house price growth is slowing. July's growth rate (down from 1.4 per cent in the preceding month) is the lowest in seven years.
Looking at the figures on a regional level, the South (London, East of England, South East and South West regions) saw a 0.9 per cent fall in prices. There is a more positive picture across the Midlands and Northern England (North East, North West, Yorkshire and the Humber) where average prices increased by 1.8 per cent and 1.7 per cent, respectively.
The average UK house price stands at £232,710. Unsurprisingly, London retains the highest average house prices at £478,000.
With average prices of £127,000, the North East is now the only English region in which house prices are yet to surpass their pre-financial crisis levels.
While residential property stats may be lacklustre, we're pleased to announce a welcome addition to the team, with trainee solicitor, Harry Round joining us for his property rotation.
HM Land Registry's full release can be accessed online here.