UK house prices hit record high in July

Suzie Neuwirth

UK HOUSE prices soared to record levels in July, according to online property portal Rightmove.

The average price rose 0.3 per cent month-on-month and 4.8 per cent year-on-year to £253,658.

This is the seventh consecutive monthly rise, the report said.

Prices in London rose 12 per cent to an average of £515,379.

“The market is currently benefiting from the ‘aggregation of marginal gains’ where incremental improvements across a range of key market drivers compound to slowly but surely build momentum,” said Miles Shipside, Rightmove director and housing market analyst.