The Monthly increase was 0.3%, taking the average UK House Price to £163,981. Over the three months to July, often seen as a more realistic figure, the increase was slightly higher at 0.5%.
Compared to last year however the average prices was down -2.6%, yet it was the second successive improvement in the annual rate.
Little change in housing activity
Although some positive figures were reported, the industry wide number of mortgage approvals still remains low at between 45,000-50,000 per month – where it has been since the beginning of 2010.
Commenting, Martin Ellis, housing economist said:
“Overall, there has been little change in either the level of house sales or the number of properties on the market for sale since late 2010. These steady market conditions have helped to stabilise house prices in 2011 following last year’s modest decline.