UK House Price Average Rose 1.4% In July

UK house prices rose by a more-than-expected 1.4% in July, according to Halifax figures.

The rise takes the average price of a home in Britain to £186,322.

The British mortgage lender said house prices for the period were 10.2% higher than a year ago.

Compared to the previous quarter, the three months to July saw an increase of 3.6%.

UK house prices are on the up again following a monthly drop in June

The monthly rise follows a 0.4% drop in June as Halifax said month-by-month movements remain volatile.

Since December there have been four monthly price increases and four price falls.

Stephen Noakes, mortgage director at Halifax, said: "While supply remains low, housing demand continues to be supported by a continuing economic recovery, growth in employment, improving consumer confidence and low mortgage rates."

Last month a Halifax survey found that 70% of British adults predicted the average UK house price will rise over the next year.

The number of people who said rising property prices will be a barrier to buying rose by six points to 35%.

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