Annual UK house price growth slowed sharply in June, ONS data shows

Figures follow others indicating prices are beginning to fall as higher interest rates and living costs bite

The annual rate of UK house price growth has slowed sharply, falling from 12.8% to 7.8% in a month, according to official data that indicates the cost of living crisis is putting the brakes on the property market.

The Office for National Statistics said the value of the average UK house increased by 3,000 in June, taking the typical price to 286,000. That is 20,000 higher than a year earlier.