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UK House Price Inflation Remains Stable In July

British house price inflation held steady in July after accelerating in the prior month, figures from the Office for National Statistics showed Tuesday.

The house price index climbed 5.1 percent year-over-year in July, the same rate of rise as in June, which was revised up from a 4.9 percent increase reported earlier.

The average UK house price was GBP 226,000 in July, which was GBP 11,000 higher than in the same month of the prior year and GBP 2,000 higher than last month.

House price inflation in England alone was 5.4 percent in July. House prices grew 3.1 percent in Wales and a 4.8 percent rise seen in Scotland.

On a regional basis, London remained the region with the highest average house price at GBP 489,000, followed by the South East and the East of England.

On a monthly basis, house prices increased 1.1 percent at the start of the third quarter.

by RTTNews Staff Writer

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