Resilient house prices still rising despite Budget fears

HOUSE prices rose 2.7% to £292,000 in England in the year to July despite affordability problems and uncertainty ahead of the Budget, official figures show.

- By Amber Murray

They increased 2% to £209,000 in Wales and 3.3% to £192,000 in Scotland, according to the Office for National Statistics.

Jason Tebb, of OnTheMarket, said UK property was demonstrating “remarkable resilience..-assisted by five interest rate reductions in the past year and the expectation of more to come”. However, analysts have predicted a slowdown in buying activity as people hold off on purchases as they wait to see what property taxes or relief the Budget might hold.