ONS: House prices up 0.8% in August

This takes the average property value to £251,233.

ONS: House prices up 0.8% in August
August saw house price in England rise by a month-on-month average of 0.8% since July 2019 with an annual rise 1.1%. ONS figures have shown. This takes the average property value to £251,233. On a regional basis the North East experienced the greatest monthly price rise, up by 3.1% whilst London saw the most significant monthly price fall, down by 1.3%. This was also reflected on an annual basis with the North Easy up 3.3% and London down 1.4%.

Steve Seal, managing director at Bluestone Mortgages, said: “Hopeful homebuyers may be cheered by today’s figures – but we still have a long way to go before homeownership becomes a likelihood for many.

"And it’s not just house prices that challenge borrowers. Vast swathes of customers are still struggling to access lending – and this uncertainty around their eligibility is having a knock-on impact on their confidence in the market."

Josef Wasinski, co-founder of Wayhome, said the figures would dent home buyers dreams.

He said: “These figures will come as yet another blow to aspiring homeowners, placing the dream of homeownership further out of reach.

"The reality is that without the Bank of Mum and Dad, or vast savings, the options are either continuing to rent or buying a property which isn’t suitable.

"At the moment, many have no choice but to stay a part of ‘generation rent’. We need to see real commitment from the government to address the issue.

"This includes innovation in the sector which offers options to those looking to secure their futures.”