UK annual house price growth at 8.3% after post-Brexit uptick

The UK HPI recorded a 0.4% rise between June and July, putting the annual increase at 8.3% and the average price at £216,750. The first official post-Brexit reading puts the annual price increase in England at 9.1% after a 0.5% monthly rise; at 4.0% in Wales after a 1.8% monthly fall; and at 12.3% in London after a 1.0% boost between June and July. The average property value in the capital is now officially £484,716. The North East saw the biggest monthly increase with 2.3%, but the East of England has been the biggest riser over the last 12 months, with a movement of 13.2%. Sales across the UK fell by 0.9% in July on the previous month, but the annual transaction figures for May – the latest ones available – reveal some pretty startling falls. The number of completed house sales fell by 33.5% in England (to 49,795 compared with 74,897 in May 2015); by 29.6% in Wales (to 2,596 compared with 3,685 in May 2015); and by a whopping 46% in London (to 5,111 compared with 9,466 in May 2015).