UK house price inflation falls to 8.3% in July, says ONS

suburban house Image copyright Thinkstock

House price inflation across the UK fell to 8.3% in the year to July, down from 9.7% in June, according to official statistics.

The figures - from the Office for National Statistics - are for the first full month after the Brexit vote.

They show that he average house price across the UK in July rose to £217,000.

The eastern region of England remains the area with the fastest growing prices. The annual rate of inflation there was 13.2% .

Prices in London grew at 12.3%, although they fell in parts of Central London, like Hammersmith and Fulham.

Earlier this month the Royal Institution of Chartered Surveyors (Rics) said that the UK housing market had settled down after the Brexit vote.

There was a sharp drop in the number of sales immediately following the referendum result.

Surveyors now expect prices to continue to rise by an average of 3.3% a year for the next five years.

However other economists have predicted a decline of up to 5% in house prices next year.

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