The average UK house price leapt by 15.5% annually in July, marking the biggest increase in 19 years, according to official figures. The percentage increase was around double the rate recorded in June, when the typical property value increased by 7.8% annually.

The Office for National Statistics (ONS) said the inflation rate was the highest recorded since May 2003. The jump in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the report said.

Average UK house prices increased by £6,000 between June and July this year – compared with a fall of £13,000 between the same months last year. The average UK house price was £292,000 in July 2022, which is £39,000 higher than this time last year.