Average property prices in the UK rise 5.1% as the market continues to thrive

Average property prices in the UK rise 5.1% as the market continues to thrive [Photo: iStock/G0d4ather]

Property prices across the UK continue to improve, as the market defies political instability and Brexit-related issues over the past year to retain its reputation as a very strong asset class. In the 12 months to the end of July, it has been reported, property prices rose by as much as 5.1 per cent. 

This means that the average property price as of the end of July was £226,185, according to the latest report from eMoov. It said that July's prices were also up by an average of 1.1 per cent when compared to June, showing continued strength and health across the market. 

However, while the UK as a whole has experienced a real rise over the past year, there are some areas where prices are starting to slow, albeit still headed in the right direction. For example, in London, prices were up by 2.8 per cent year on year to the end of July. However, when the rest of England is considered without the capital included, prices rose 5.4 per cent in the same period. 

Nationwide, data also shows that sales figures have been rising, and contributing to the growth in prices paid. In the past year, the number of houses sold across the UK has risen by as much as 8.3 per cent, showing a real increase in demand. 

Overall, Russell Quirk, chief executive officer of eMoov, said the positive data showing growth across the whole of the last year since the European Union referendum is evidence that UK property is so strong it can just shake off factors that threaten to damage it.

"A sustained level of growth can now be expected and it is unlikely that any further developments in the Brexit process should dampen this. Although the market has taken a wobble, UK homeowners should rest assured that the worst is now behind them and we won’t be seeing a repeat of the 2007 crash," he added.