The Land Registry’s July data shows an annual price increase of 8.3%, which takes the average property value in the UK to £216,750.
Monthly house prices rose by 0.4% since June 2016. The monthly index figure for the UK was 113.7.
Land Registry found that in England there was an annual price increase of 9.1% which takes the average property value to £232,885. Monthly house prices rose by 0.5% since June 2016.
Wales shows an annual price increase of 4.0% which takes the average property value to £144,828. Monthly house prices fell by 1.8% since June 2016.
Meanwhile, London shows an annual price increase of 12.3% which takes the average property value to £484,716. Monthly house prices rose by 1.0% since June 2016.
The East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 13.2%, while the North East experienced the greatest monthly growth with an increase of 2.3%.
Yorkshire and The Humber saw the lowest annual price growth with an increase of 4.7% and the West Midlands saw the most significant monthly price fall with a movement of -0.8%.
John Goodall, CEO of Landbay, said: “Between stamp duty changes and the EU referendum, 2016 was always going to be a year of two halves for the UK housing market. The first led to a flurry of house purchases, stoking up demand and prices in the process, but the second has yet to prove quite so dramatic.
“House prices continued to grow steadily in July, the first full month of post Brexit-vote data and bar a dramatic injection of new housing stock, there’s little to suggest economic or political factors are going to reverse this trend anytime soon.
“One thing the Brexit outcome has done for the housing market, is lead the Bank of England to cut interest rates, resulting in some of the lowest mortgage borrowing costs this country has ever seen. This will improve affordability for first time buyers, and take some of the sting out of house price increases, but amid heightened demand, rents are also rising, by 0.12% last month according to our own rental index.
“All together these factors point to a healthy buy to let market, so I wouldn’t be surprised if some professional landlords saw this as a buying opportunity.”