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House price inflation accelerates to 8.7% in June House price inflation accelerates to 8.7% in June
(35 minutes later)
The annual rate of UK house price inflation accelerated to 8.7% to June, according to official figures.The annual rate of UK house price inflation accelerated to 8.7% to June, according to official figures.
The rate was higher than the 8.5% rise measured in May, according to the new House Price Index, and brought the cost of an average home to £213,927.The rate was higher than the 8.5% rise measured in May, according to the new House Price Index, and brought the cost of an average home to £213,927.
The fastest growth was in the Western Isles, while the biggest fall was in Aberdeen, where prices dropped 6.8%.The fastest growth was in the Western Isles, while the biggest fall was in Aberdeen, where prices dropped 6.8%.
Prices also fell significantly in Kensington and Chelsea (-6.2%) and other parts of West London.Prices also fell significantly in Kensington and Chelsea (-6.2%) and other parts of West London.
The new "experimental" index comprises figures collated by the Office for National Statistics from data supplied by Land Registry, Registers of Scotland, Land and Property Services, Northern Ireland and the Valuation Office Agency.The new "experimental" index comprises figures collated by the Office for National Statistics from data supplied by Land Registry, Registers of Scotland, Land and Property Services, Northern Ireland and the Valuation Office Agency.
It includes cash sales and new-build houses, which together make up more than a third of the market.It includes cash sales and new-build houses, which together make up more than a third of the market.
The figures do not fully reflect any impact of the result of the vote to leave the EU, which was declared on 24 June.The figures do not fully reflect any impact of the result of the vote to leave the EU, which was declared on 24 June.
Last week, a survey of housing surveyors suggested that prices were now falling in London, East Anglia, the North of England and the West Midlands.Last week, a survey of housing surveyors suggested that prices were now falling in London, East Anglia, the North of England and the West Midlands.
The survey from Royal Institution of Chartered Surveyors (Rics) said house price inflation had slowed in July.The survey from Royal Institution of Chartered Surveyors (Rics) said house price inflation had slowed in July.
However, Rics predicted that the rate of house price growth would recover over the next 12 months.However, Rics predicted that the rate of house price growth would recover over the next 12 months.
Where can I afford to live?Where can I afford to live?
Last week a survey of housing surveyors suggested that prices are now falling in London, East Anglia, the North of England and the West Midlands.
It said house price inflation had slowed in July.
However the surveyors questioned predicted that the rate of house price growth would recover over the next 12 months.