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UK house price inflation eases in July

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Staff Writer | September 14, 2016
British house price inflation slowed in July but the strong trend seen since the end of 2013 has continued, the Office for National Statistics.
UK house price inflation
Houses in Britain   The Office for National Statistics:
Average house prices increased 8.3 percent in July from a year ago, slower than the 9.7 percent growth registered in June.

The average house price was GBP 217,000 in July, which was GBP 17,000 higher than in July 2015 and GBP 1,000 higher than last month.

London continued to be the region with the highest average house price at GBP 485,000. London house prices moved up 12.3 percent.

The main contribution to the increase in UK house prices came from England, where house prices increased by 9.1 percent annually.

IHS Global Insight Economist Howard Archer believes that housing market activity is likely to be limited over the coming months and prices will be increasingly pressurized as prolonged uncertainty following the UK's vote to leave the EU constrains consumer confidence and willingness to engage in major transactions, as well as hampering economic activity.