The price of a UK home continues to rise, boosted by a strong labour market and limited housing availability. Despite interest rates and inflation rising, the price of a house in the UK rose by 11% in July, up fractionally from 10.7% the month previously according to Nationwide.

This signals the twelfth consecutive monthly rise in a row and the average UK house price is now £271,209 a massive £55,000 more than pre-covid in early 2020.

The number of homes on the market is at 40 year low, and the effects of inflation and reduced consumer confidence has seen Nationwide report a 20% reduction in transactions in the three months to May, but still 5% above pre-Covid levels.