UK House prices: Average price rises to £211,671 as property market growth continues

House prices are predicted to grow by around two per cent across 2017, according to a report that showed that property values continued to head upwards in July.

The average house price in the UK was £211,671 last month – a new record for the Nationwide Building Society’s index.

Property values increased by 0.3 per cent month on month and by 2.9 per cent annually. In July 2016, annual house price growth was running at a stronger pace of 5.2 per cent.

A scarcity of homes for sale was behind the price growth, but predicted more of a buyers’ market in coming months.

Fewer homes in general are on the market per agent – down from 65 in 2013 to 45 now, and falling.

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