After a year of stamp duty holidays and a ballooning property market the UK house price was calculated as £256,000 in July of this year.
That means the cost of a home has risen by £19,000 since last year alone.
The latest data from the office for National Statistics (ONS) found that house price growth slowed to 8% in July down from a 13.1% increase in the year to June 2021.
But, property experts have warned that it is “too early to predict the end of the boom”.
Average house prices decreased by 3.7% between June and July compared to a 0.8% increase during the same period last year.
On a seasonally adjusted basis, average house prices in the UK decreased by 4.4% between June and July 2021, following an increase of 4.5% in the previous month.
The stamp duty holiday – which was implemented on July 8 2020 – suspended the tax paid on house purchases in England and Wales on properties priced up to £500,000.
The tax break was extended from March 3 2021 to June 30 2021 when the threshold was reduced to £250,000.
This will remain in place until September 20 before reverting to the original £125,000 limit from October 1 2021, reports the Express.
The ONS stated that house prices may have been inflated in June in line with the holiday and buyers wanting to complete quickly.
Monthly property transactions statistics published by HM Revenue and Customs (HMRC) show that the seasonally adjusted number of transactions in July 2021 fell to 73,740, following the record number of 198,420 transactions in June 2021.
And, the ONS said that there were fewer transactions available than previously expected and so the results could be more volatile.
Average house prices increased over the year in England to £271,000 (7% growth), in Wales to £188,000 (11.6% growth), in Scotland to £177,000 (14.6% growth) and in Northern Ireland to £153,000 (9% growth).
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