UK house prices rise at the fastest rate in 19 years

According to the Office for National Statistics (ONS), house prices in the United Kingdom rose by 15.5% year on year in July. This was the sharpest increase since May 2003 and reflects how house prices were affected by the removal of the tax-deductible policy for home buyers in the same month last year.

The increase in home prices in July represents a strong increase from the 7.8% increase in June, although June was slower than May.

Analysts predict that the rise in housing prices in the UK will stall next year due to the cost of living crisis and rising interest rates.

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