The average UK house price jumped by 15.5 percent year-on-year in July, marking the biggest increase in 19 years, official figures show.
The average UK house price was £292,000 ($338,000) in July 2022, which is £39,000 higher than this time last year, according to the latest data from the Office for National Statistics (ONS).
The percentage increase was nearly double the rate recorded in June, when the typical property value increased by 7.8 percent year-on-year. It is the highest annual inflation rate the UK has seen since May 2003.
The ONS said that the jump in annual inflation was mainly a result of a “base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday….