Annual house price inflation as an average across the UK increased slightly in June to 5.7 per cent according to government figures just released.
The rate was a small increase on May's figure of 5.6 per cent, and now takes the average price for a home to a record high of £277,000.
The Office for National Statistics says prices rose in all areas aside from Scotland.
The latest rise is against the longer-term trend, which has seen house price inflation gradually falling since it peaked at 12 per cent last September.
As ever there are significant variations.
Prices in Northern Ireland saw the biggest increase over the year, rising 9.0 per cent while in England prices were 6.1 per cent up. Prices in Wales rose 0.8 per cent but dropped 0.6 per cent in Scotland.
The region variations “demonstrate that the supply shortage is now a far-reaching problem that needs to be tackled imminently. The new All-Party Parliamentary Group for Housing and Planning needs to drive national action from the centre and it needs to think innovatively to effect real change in the UK’s housing market” says Paul Smith, chief executive of Spicerhaart.
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A reduction in house price inflation is not the same as falling house prices. Surely this is basic stuff?
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