UK house prices rise for fifth month in July: ONS

BRITISH house prices rose by an annual 2.2 per cent in July, the fifth monthly rise in a row but the pace of increase cooled and was below a revised 2.7 per cent increase in the 12 months to June, the Office for National Statistics (ONS) said on Wednesday (Sep 18).

The ONS said house prices in London fell 0.4 per cent.

Other indicators of Britain’s property sector have shown a recovery as demand improved after a cut in borrowing costs.

But no change in British consumer price inflation in data published earlier on Wednesday prompted investors to trim expectations of a cut in interest rates by the Bank of England on Thursday.

The ONS also said its gauge of private rents rose by 8.4 per cent in the year to August. REUTERS