House prices continue to rise despite mortgage worry

House prices in England rose by 0.5% on average in July taking the price of a standard family home to £308,633, according to the UK Price Index.

Houses in the North East experienced the greatest monthly rise growing by 2.7%, while property prices in the East Midlands fell by 0.5%.

However, while house prices continue to grow it’s at a much slower pace compared to the same period last year when the average home increased by 1.9%.

House sales have also fallen compared with 2022, with 16.3% less completions.

The index also recorded repossessions and revealed they remain low thanks in part to the Mortgage Charter agreement between the government, FCA and mortgage lenders, which has enabled homeowners to switch to interest-only payments or extend their mortgage term for six months to help with soaring interest rates.

The East of England had the lowest level of repossessions, with just one house being taken by the lender, while homeowners in the North West faired less well with 16 repossessions across the region.

What's happening in your region? 

East Midlands – prices fell by 0.5% with the average home costing £249,484

East of England - prices rose by 0.4% with the average home rising to £352.723

London - prices rose by 1.1% with the average home costing £534,265

North East - prices rose by 0.5% with the average home rising to £163,480

North West - prices rose by 0.3% with the average home rising to £215,648

South East – prices rose by 0.5% with the average home costing £394,096

South West – prices fell by 0.2% with the average home costing £323,713

West Midlands – prices rose by 0.2% with the average home rising to £251,313

Yorkshire and the Humber – prices rose 1.5% with the average home costing £212,730