According to the Office for National Statistics, house price inflation fell 8.3% in the year to July.
New figures from the ONS revealed that house price inflation fell to 8.3% in the year to July, down from 9.7% in June.
The average home is £17,000 more expensive than the index’s back-calculated July 2015 figure of £200,000 and £1,000 more than in June, the month in which Britain voted to leave the European Union.
The average house price across the UK in July rose to £217,000, with property inflation continuing to race ahead of wages.
In the eastern region of England, prices are the fastest growing, with the annual rate of inflation at 13.2%.
Prices in London grew 12.3%, although in parts of Central London like Hammersmith and Fulham, prices fell.
Jeremy Leaf, north London estate agent and a former Royal Institution Chartered Surveyors’ residential Chairman, said: ‘This is the first official post-referendum house price data and although it is a little dated it is reflecting what we have seen from other surveys and on the ground – that the pace of price growth has been slowing.
“It is surprising that the index does not record more of a slowdown in price growth.
“On the ground we are finding that people are showing more caution than this although there is an underlying determination to get on with moving.
“People are negotiating hard and we expect that to be reflected in future surveys.”
The Royal Institution of Chartered Surveyors (RICS), said earlier this month that the UK housing market had settled down after the Brexit vote, following the sudden drop in the number of sales immediately following the referendum result.
Over the next five years, surveyors now expect prices to continue to rise by an average of 3.3% a year, whilst other economists predict a decline of up to 5% in house prices next year.
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