Market report – surprise as new house price record set

It’s a 3.3% rise, looking at the three months to July and comparing them to the same period last year; 1.4% on a simple monthly basis; and 1.3% compare to the previous quarter. The average UK house price is £230,280, a new record.  The data comes as something as a surprise, given historically low transaction rates (which – despite a 3% fall in completions in June, but mortgage approvals on the rise – remain largely flat) and the large proportion of unsold properties being withdrawn from the market. You can get your own copy of the report here.