UK House Prices Rise by 15.5 Percent in Biggest Jump in 19 Years

Rows of terraced houses and residential properties are pictured in south London, backdropped by the skyline of the City of London, on July 6, 2020. Daniel Leal-Olivas/AFP via Getty Images

The average UK house price jumped by 15.5 percent year-on-year in July, marking the biggest increase in 19 years, official figures show.

The average UK house price was £292,000 ($338,000) in July 2022, which is £39,000 higher than this time last year, according to the latest data from the Office for National Statistics (ONS).