The ONS says: “Although weaker, the pace of house price growth remains strong by historical standards”.
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“At 73.5%, the employment rate is the highest it has been”.
However, month-on-month prices rose by 0.8 per cent in July, from £277,000 – equivalent to around £1,000 a week – compared to 0.6 per cent in June.
He also rounded on Labour’s new leadership when adding: “We still face risks both from the global economy and from those at home who would undermine our economic security, hike taxes and privatise industry”.
There were 31.09 million in work, up 42,000 from the previous quarter.
Price increases in England were led by continued strong growth from the East, where prices were up 8.3%, and the South East, where home values climbed 6.7%.
Calling the figures “depressing reading”, Henry Gregg, assistant director for communications and campaigns at the National Housing Federation, said: “While house prices increases have slowed down slightly, a 5.2% increase in the year to July shows they are still surging much faster than wages”.
But the figures also showed joblessness grew by 10,000 between May and July, to 1.82m. For owner occupiers (existing owners), prices increased by 5.5% for the same period. The employment rate – or proportion of people aged 16 to 64 in work – was 73.5pc.
“The Government’s extreme spending cuts will mean more women and men lose their jobs as councils and other public sector employers lay off workers in the coming months if austerity policies are maintained”.
Private sector employment stood at 25.74 million in June, 472,000 higher than in the same month in 2014.
“The only solution to the country’s housing crisis is to build more homes”.
“The gap between our rates and the national averages is still far too large”.
Employment Minister Priti Patel said: “As part of our one nation government, we want everyone to succeed and achieve their full potential, and through our reforms we are doing just that”.
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Chancellor George Osborne said: “It is welcome news that pay packets are rising and jobs are being created”.
