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UK house prices rise at slowest pace since 7 yrs

UK house prices rise at slowest pace since 7 yrs

Mubasher: House prices in the UK rose during the 12-month period ended last July, at the slowest pace almost seven years.

UK house prices recorded a year-on-year rise of 0.7%, compared with 1.4% rate in June, a joint statement by the Office for National Statistics (ONS) and the Land Registry showed on Wednesday.

This marked the most sluggish pace since September 2012, when prices inched up by 0.4%.

The broader slowdown in UK property prices masked a retreating pace of price growth in London and south-eastern England.

Meanwhile, house market in Wales posted the biggest gain during the month, with an increase of 4.2%.

The typical cost of a house in the UK is now valued at GBP 232,710 ($289,717), more than GBP 1,500 higher than the price a year ago.

By 10:11 am GMT, the GBP/USD pair fell by 0.25% to $1.2469, while the EUR/GBP pair edged up by 0.06% to GBP 0.8863.