UK house prices rising at 11% a year despite cost of living crisis

The UK property market has been surprisingly strong throughout the Covid pandemic and despite the cost of living crisis. Photograph: ColsTravel/Alamy

The UK housing market remained buoyant in July with price growth accelerating to an annual rate of 11%, according to the country’s biggest building society.

The average price of a home was £271,209 last month, up 0.1% from June when taking account of seasonal effects, and the 12th monthly rise in a row, said Nationwide building society. This took the annual change to 11% from 10.7%.