UK House Prices up in July and for the year

Director of Benham and Reeves, Marc von Grundherr, commented:

"The monthly rate of house price growth has been unpredictable of late, however, July saw the decline of the previous month reversed and we continue to see a consistently strong performance where the annual rate of growth is concerned - which is a far better indicator of the health of the market.

This overarching air of positivity has been driven by buyers returning with confidence and, since March of last year, we've seen mortgage approvals remain above the 60,000 threshold. With this figure having also increased over the last two months, we can expect continued stability in house prices for the remainder of the year, as more buyers look to make their move."

CEO of Yopa, Verona Frankish, commented:

"July was a wholly positive month for the market, with house prices seeing positive movement both on a monthly and annual basis.

Recent improvements in mortgage market affordability, including the move to increase income lending multiples and the decision to launch a permanent Mortgage Guarantee Scheme, should help ensure that buyer activity remains consistent and house prices continue to strengthen.

However, it's important to remember that the homebuying process remains challenging for many, and while market sentiment is positive, sellers must remain realistic when pricing for current market conditions if they wish to secure a sale."