UK house prices have risen by the smallest rate since April 2020.

The Office for National Statistics (ONS) said on Wednesday that British home prices rose by 0.6% in the year ending in July, which is the weakest growth since April 2020 and less than the previously reported 1.9% gain in June.

According to the ONS, home prices in London decreased by 0.8%.

The property market in Britain is currently seeing its steepest price decline since 2009, which adds to the pressure from high borrowing costs as the Bank of England fights to control inflation.

The ONS's measure of private rent increased by 5.5% in the year to August, the most since data gathering began in 2016.

(Sources: investing.com, reuters.com)