House prices in the UK went up by just 0.8% on a monthly basis, the latest Halifax House Price Index reveals.
On an annual basis, house prices were up by 2.3%, compared to the 1.6% the month prior.
The average house price now stands at £291,268, up slightly from the £288,455 in June.
Northern Ireland continued to record the strongest property price growth rising by 5.8% on an annual basis in July, up from 4.1% the month prior.
The average property price in Northern Ireland is now £195,681.
House prices in the North West also recorded strong growth, up 4.1%, compared to the previous month, with property prices standing at £232,489 on average.
House prices in Wales grew by 3.4% to £221,102, which represents the highest price seen since October 2022.
Scotland saw a rise in house prices, a typical property now costs £205,264, an increase of 2.1% more than the year before.
The only region or nation to record a fall across the UK was Eastern England. Properties here now average £330,282, down 0.4% on an annual basis.
London continues to have the most expensive property prices in the UK, now averaging £536,052, up 1.2% compared to last year.
Halifax head of mortgages Amanda Bryden says: “Last week’s Bank of England’s Base Rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder. However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.”
“Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.”
