House prices rose by 6% between June and July this year, according to the latest figures from the Department for Communities and Local Government (DCLG). The figure was up on house price inflation in June, which the they put at 5.3%. London fared even better: inflation was up 7.1% in July, compared with 5.5% in June. Regionally, house price inflation rose in seven of the English regions, fell in the West Midlands and remained constant in the South East. The highest inflation rate was in Yorkshire and the Humber, at 8.4%, followed by London, the North West (6.2%), the North East (5.8%) and the South West (5.6%). Overall, the average house price went up to £194,454, up from £191,016 in June according to these figures. ?This data shows no signs of any cooling in the housing market in July,? said Ed Stansfield of property economists Capital Economics. ?Indeed they showed that house prices rose at their fastest pace since May last year, and continue to echo recent reports from the Halifax and Nationwide.? However, Mr Stansfield cautioned against wild optimism concerning the figures to come for the rest of the year: ?Today?s figures will not have been impacted by the August interest rate rise or by the apparent softening in consumer confidence that has been seen as a result. Taken together with poor levels of affordability, these factors suggest that the pace of house price growth should ease back in the final months of the year,? he added.
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