The growth of house prices in the UK remained stable in July, according to the latest Halifax House Price Index, which showed 2.1 per cent annual increase.

“Prices in the three months to July were 2.1% higher than in the same three months a year earlier,” the Index observed.

Interestingly, house prices in July 2017 were 10 per cent above their August 2007 peak. The average house price of £219,266 is £64,603 (42 per cent) higher than its low point of £154,663 in April 2009.

House price data on a quarterly basis provides the clearest indication of overall market trends, smoothing out the monthly volatility caused by the reduced number of monthly transactions used to calculate all house price indices.

Halifax’s latest House Price per square metre report shows that London continues to dominate the country's list of the most expensive property locations on a per square metre (m2) basis. The average price per m2 across Britain has increased by 236 per cent over the past 20 years, from £672 in 1997 to £2,260 in 2017.

However, this national figure conceals considerable regional differences, with Greater London increasing by 402 per cent in comparison to 147 per cent in Scotland. Hackney has seen the largest increase in average prices per m2 since 1997 with prices rising from £814 to £6,942 (753 per cent), nearly twice the London average (402 per cent).