According to the Office for National Statistics (ONS), the average UK home price rose by 3.7% year-on-year in June, reaching £269,000. This is an increase from the 2.7% rise seen in May.

• Regional Breakdown: England saw prices climb 3.3% to £291,000, while Scotland recorded a sharper increase of 5.9% to £192,000.
• Stamp Duty Impact: The ONS notes that these figures were influenced by a rush of purchases in April, ahead of a cut to the stamp duty threshold.
• Rental Market: The private rental market also saw an increase, with average private rents rising 5.9% in July to £1,343. This rate has moderated slightly from June’s 6.7% pace. Rents climbed by 6% in England, 7.9% in Wales, and 3.6% in Scotland.

Liam Bailey of Knight Frank commented that reforming property taxation is “no easy task,” and warned that replacing stamp duty would require the Treasury to find a way to recover the lost revenue.