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.