UK house prices rise at fastest annual pace since 2003

UK house prices rose at the fastest annual pace since May 2003 in the year to July, indicating a continuing recovery in the property market.

According to data from the Office for National Statistics released on Wednesday, house prices rose at an annualized pace of 15.5 percent in July, compared to a rise of 7.8 percent in June.

The median home price in the UK was £292,000 in July, the highest level of about £39,000 year-on-year.

These data indicate that the limited supply in the housing market means that the market continues to defy the impact of the cost of living crisis and high inflation during the summer.