UK house prices have jumped faster than expected, prompting a forecast they will keep rising through 2024.
Data from the lender Halifax shows that house prices increased by 0.8% in July, after three relatively flat months.
That has lifted the average house price to £291,268, up from £289,042 in June.
Over the last year, prices have risen by 2.3%, Halifax reports, the fastest annual growth rate since January 2024.
Halifax’s report shows that Northern Ireland recorded the strongest annual house price growth in the UK last month.
Northern Ireland house prices rose by 5.8% on an annual basis in July, the highest increase since February 2023, to an average of £195,681.
In Wales, house prices grew by 3.4%, while in Scotland they gained 2.1% over the past year.
However, at the other end of the table, eastern England was the only region or nation to record a fall across the UK – down 0.4%.
House prices in the north-west of England grew by 4.1%, while in London they gained 1.2%.
The jitters that have gripped the financial markets for days are easing this morning, after one of Japan’s top central bankers tried to calm fears of further interest rate rises.
The Bank of Japan deputy governor Shinichi Uchida has said the BoJ should leave interest rates at current levels, having surprisingly raised them last week – helping to trigger days of market turmoil.
Uchida told business leaders in the northern Japanese city of Hakodate: “As we’re seeing sharp volatility in domestic and overseas financial markets, it’s necessary to maintain current levels of monetary easing for the time being.”
Uchida added that the recent strengthening of the yen would also affect the bank's policy decision-making – a stronger currency reduces upward pressure on import prices, meaning less need to tighten policy more.
The yen soared after last week’s rate rise, dealing a painful blow to investors who were engaged in the yen carry trade – borrowing cheaply in Japan to buy assets elsewhere. However, it has fallen by 2% today.
Japan’s Nikkei’s 225 index has closed 1.2% higher today, up 414 points at 35,089.
The agenda • Noon BST: US weekly mortgage application data • 3.30pm BST: EIA oil stocks data
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