Buying a home sweet home will cost you more as prices go up

The average house price in the UK has jumped by 0.4 per cent or more than £1,000 in cash terms last month, according to the Halifax. The average property value in July was £298,237, up from £297,157 in June

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The average house price in the UK has jumped by 0.4 per cent or more than £1,000 in cash terms last month, according to the Halifax.

Across the country, 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 per cent (£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 per cent 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 on to the property ladder.