Market receives a boost

Average UK house price jumps by more than £1,000 month-on-month

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The average house price jumped by 0.4% or more than £1,000 in cash terms in July, Halifax has reported.

Across the UK, the average property value in July was £298,237, up from £297,157 in June.

Amanda Bryden, head of mortgages at Halifax, said: “UK house prices rose in July, up by 0.4% (£1,080 in cash terms), the biggest monthly increase since the start of this year.

“The average house price is now £298,237, 2.4% higher than a year ago.

“While the national average remains close to a record high, it’s worth remembering that prices vary widely across the country depending on a number of factors, not least location and property type.

“Challenges remain for those looking to move up or onto the property ladder.

“But with mortgage rates continuing to ease and wages still rising, the picture on affordability is gradually improving.

“Combined with the more flexible affordability assessments now in place, the result is a housing market that continues to show resilience, with activity levels holding up well.