Average house price rose by +1.4% in the three months to the end of July, taking the annual rate of price growth to +6.0%, up from 2.3% in July 2020. However, this marks a slight slowing of growth from June, when the annual rate of growth was 6.3%.
Total stock of homes for sale is 26% down from 2020, and will remain low well into 2022. Higher number of sales in the last year has eroded supply, with rise in activity among first-time buyers and investors. Supply constraints most evident for houses, and properties priced up to £350,000.
The mismatch in demand and supply is supporting price growth, which is at 6% in July, up from 2.3% in July 2020.
