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UK house prices rose by an annual 2.2% in July 2024, marking the fifth consecutive monthly increase, according to the Office for National Statistics (ONS). The average house price reached £290,000, up from £288,000 in June. However, the pace of increase has cooled compared to a revised 2.7% rise in the previous 12 months. In addition, private rents in the UK increased by 8.4% in the 12 months to August 2024, slightly down from 8.6% but still significantly higher than the headline inflation rate of 2.2%.