UK house prices rise 3.7% year-on-year in June

LONDON (Reuters) -British house prices in June were 3.7% higher than a year earlier, up from an annual increase of 2.7% in May, the Office for National Statistics said on Wednesday.

House price inflation reached its highest in more than two years at 5.5% in March ahead of the expiry of a tax break on many property purchases.

Private-sector rents were 5.9% higher than a year earlier in July, down from 6.7% in June and the smallest annual increase since January 2023.

(Reporting by David Milliken; Editing by Sachin Ravikumar)