UK house prices rose 7.8 per cent in the year to June, a slowdown from the 12.8 per cent annual rate recorded in May, the Office for National Statistics said on Wednesday.
However, the slower rate of increase was skewed by “the rises in [house] prices seen in June 2021, which were the result of tax break changes”, the ONS noted.
The increase comes despite a recent jump in mortgage costs, following the Bank of England’s decision to boost its benchmark lending rate from 0.1 per cent in December to 1.75 per cent this month in an effort to curb inflation.
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