UK house prices were rising only slowly in July 2026, rather than literally standing still: the average price was £273,000, up 1.4% on a year earlier. Mortgage costs had risen and the Bank of England said affordability concerns and higher rates were weighing on housing-market activity. That points to pressure on the market, but does not show that mortgage rates alone caused the slowdown.
Are UK house prices flatlining?
“Flatlining” is a shorthand for weak growth, not the official annual measure. The Office for National Statistics (ONS) reported a UK average house price of £273,000 in July 2026, 1.4% higher than a year earlier. Annual growth had eased from 1.5% in June, marking a third consecutive month of slowing. The latest figures are provisional and may be revised.
The monthly movements tell a different story depending on the measure: UK HPI recorded a 0.7% rise in July before seasonal adjustment and a 0.2% fall after adjustment. The seasonally adjusted figure accounts for recurring seasonal patterns; it should not be confused with the annual change. ONS UK house prices, September 2026 bulletin and UK House Price Index summary, July 2026.
Where are house prices still rising?
The UK average hides substantial regional differences. The North East recorded the strongest increase among the figures below, while London prices were lower than a year earlier.
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| Area | Average price | Annual change | Period |
|---|---|---|---|
| UK | £273,000 | +1.4% | July 2026 |
| England | £293,000 | +1.1% | July 2026 |
| Wales | £215,000 | +2.6% | July 2026 |
| Scotland | £196,000 | +2.3% | July 2026 |
| Northern Ireland | £202,000 | +9.2% | Year to Q2 2026 |
| North East | £166,943 | +4.9% | July 2026 |
| London | £550,037 | -3.3% | July 2026 |
Country-level prices are rounded ONS figures; the more precise North East and London figures come from UK HPI. Northern Ireland’s latest comparison covers the year to the second quarter, not the monthly period used for the Great Britain figures. The ONS says the recent national slowdown was driven primarily by slower annual growth in the South West, with London and the West Midlands also contributing.
Are mortgage rates making house prices fall?
Higher borrowing costs are a headwind, but the available figures do not establish how much they explain the movement in sale prices. In its July 2026 Monetary Policy Report, the Bank of England said quoted two-year mortgage rates at 75% loan-to-value had risen by an average of 79 basis points between 27 February and the July observation period. Those quoted rates were averages through 20 July for that specific mortgage type; they are not a measure of the rate every borrower was offered.
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The Bank also reported that mortgage approvals for house purchases fell nearly 15% in May and were broadly flat in June. Its Agents reported that affordability concerns and rising mortgage rates were weighing on housing-market activity. Approvals and activity indicate the flow of prospective purchases, not the price of completed sales. The Bank’s account supports a connection between financing costs and weaker activity, not a claim that rates alone caused prices to stagnate. Bank of England, Monetary Policy Report, July 2026.
Why is UK house-price growth slowing?
There is no single cause established by these figures. The ONS points to regional patterns—particularly the South West’s slower annual growth—as the main driver of the latest easing. Mortgage affordability is another pressure on activity, but the published data do not quantify its separate effect on prices.
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Year-on-year comparisons can also be affected by what happened a year earlier. UK HPI notes that price movements around the 1 April 2025 stamp-duty changes in England and Northern Ireland influenced annual inflation comparisons. That is context for interpreting the comparison, not evidence that the tax change is a current cause of July 2026 prices.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How reliable are the latest figures?
Use July’s price estimates as the latest available official reading, not a final count. ONS says estimates for the latest 12 months are subject to revision. UK HPI also warns that recent registered sales volumes are incomplete and should not be used to infer trends in sales activity. A price index based on registered transactions and the count of transactions registered so far are different measures.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
- Annual change compares prices with the same month a year earlier; it can slow even when prices have not fallen over the latest month.
- Monthly change may be reported with or without seasonal adjustment. State which series is being used.
- UK-wide averages can conceal sharply different local and regional movements.
- Mortgage-rate averages describe a specified product and observation period, not a personal quote.
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