House prices increased by +0.8% in July, following three relatively flat months, according to Halifax, which added that the annual growth rate of +2.3% is the highest since January 2024 and a typical property now costs £291,268 (compared to £289,042 in June).

Commenting on the Halifax house price data, Daniel Austin, CEO and co-founder at ASK Partners, said: “Research suggests that the property market is not traditionally affected by general elections, but it is positive to see that the recent election has not had a negative impact. We are continuing to see a month-on-month rise in house prices, which is hopefully the sign of an upward trend developing for the rest of the year. The market certainly appears to be showing signs of resilience. Everyone is waiting in anticipation of what the new government will do to drive construction of new homes and unlock the planning system, and it is likely that initiatives announced in the coming months will give the market a further boost.

“In the property investment world, rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential. In the realm of commercial real estate, we have seen values hit the bottom and confidence return.”