LONDON, Sept 18 (Askume) – UK house prices rose 2.2% year-on-year in July, rising for a fifth consecutive month, but growth slowed from a revised 2.7% rise in the 12 months to June.
The Office for National Statistics reported that house prices in London fell by 0.4%.
Other indicators for the UK property sector also showed improvement as demand improved following cuts in borrowing costs.
But investors lowered expectations of a rate cut from the Bank of England on Thursday after Wednesday’s data showed no change in British consumer price inflation .
The ONS also said its private rents rose by 8.4% in the year to August.
