UK house prices rise 1.4pc in July

UK house prices bounced back in July following a drop in June, according to property website operator Zoopla, aided by a continued jump in demand and increased home stock.

Zoopla said its UK house price index registered a 20% jump in buyer demand and a 23% surge in year-to-date sales, leading to a 1.4% rise in house prices across Britain so far this year. Year-on-year, however, July's growth rate was a much more modest 0.5% due to a fall in prices during late 2023.

As far as supply was concerned, Zoopla noted that the average estate agent listing homes for sale on the website has 33 homes for sale unsold, a seven-year high.

Zoopla director Richard Donnel said: "Momentum in the sales market continues to build as mortgage rates drift lower and more and more sellers gain the confidence to list their home for sale. Buyers have much greater choice which will support sales numbers, but this will keep prices rises in check."

Reporting by Iain Gilbert at Sharecast.com