Annual rate of UK house price growth doubles to 15.5% in one month

Statistical surge reflects average house price drop last July caused by end to 500,000 stamp duty holiday

The annual rate of UK house price growth surged to a 19-year high of 15.5% in July, official figures show, with a typical home having 39,000 added to its value in 12 months.

However, commentators pointed out that the annual rate of price growth had been pushed artificially high because in July 2021 prices dropped in response to the end to the most generous period of last year's stamp duty holiday.