The current government report on the housing market revealed that UK house prices rose in the twelve months to June 2019 by 0.9%. It held steady and was unchanged from May. There were, however, fewer transactions between buyer and sellers when compared to June of last year. The drop in transactions was 16.5% and there was a 9.7% decrease from May 2019 to June 2019.

Overall, in England the average house price grew by 0.7% for the month of June from May. The annual growth was also 0.7% and the average house price is now at a value of £246,728.

The fastest house price growth was reported in Wales at a 4.4% increase in the year to June. The lowest growth was in London in the year to year comparison with a decline of 2.7%. While it was a decline, it was less steep than the previous month which had reported a year on year decline of 3.1% for May.

The capital did show a bit of house price growth from May to June at 0.7%. With the annual house price decline at 2.7% stated earlier, the average house price in London is now at £466,824.

It will be a while until we know how the rest of the summer of 2019 treated the property market, but an overall boost is expected. Low interest rate mortgages and more aggressive home sellers caught the eye of hopeful home buyers and made the opportunities available too good to pass up.

Another boost to the market could occur in the weeks leading up to the Brexit deadline of 31 October should the government choose to make an overhaul to the stamp duty. By giving breaks to both those at the bottom of the buying tier to those buying high price properties, it could bring buyers from first time buyer categories to investors back to the market and that could give an added boost to the economy.