Median house prices fell by £10k in July

As the housing market appeared to cool after the phasing out of tax holiday, official figures indicate that median house prices in the UK fell by £ 10,000 in July compared to the previous month.

Data from the Office for National Statistics (ONS) reveal that the median house prices in the United Kingdom were £ 256,000 in July, £ 19,000 higher than the previous year.

It may be recalled that from 1 July 2020 until June 2021 in England and Northern Ireland, buyers did not have to pay stamp duty on the first £500,000 of a purchase price of a property, provided the purchase was completed in time. The threshold at which stamp duty begins in the two nations fell to £250,000 on 1 July this year, and will return to the pre-pandemic level of £125,000 on 1 October 2021.

Media reports suggest that London remained the region with the lowest annual growth (2.2%) for the eighth consecutive month.

The ONS has said its July house price figures may go on to be revised in future, as there was less transaction data available than expected during the pandemic.

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