UK house prices in slowest rise in seven years

According to the Office for National Statistics, house prices rose at the slowest rate at any time since September 2012 in the year to July.

Statistics show that house prices rose by 0.7 per cent during this period, the slowest since the 0.4 per cent increase recorded in September seven years ago.

The latest numbers are the culmination of a slowdown in the property price growth over the last three years.

Industry expert David Westgate, chief executive at Andrews Property Group, said that the data is evidence that the property market is operating "with a distinct lack of momentum”.

In the year to July, property values in the North East were down by 2.9 per cent, the biggest regional drop.

North East prices were also down by 2.1 per cent in July compared with June, according to ONS and Land Registry numbers.

Wales yielded the largest rise in house prices, where property values were up by 4.2 per cent.

Annually, house prices in London fell by 1.4 per cent, while property value also decreased by two per cent and 0.5 per cent in the South East and East of England respectively.