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Average house prices rose by another £679 in July to reach £223,035, according to new figures.

Research released by the Financial Times today shows that house prices increased by around 0.3 per cent in July.

When the London market is included, house prices increased by nine per cent between July 2006 and this year, according to the figures, but when the capital is removed from the equation, the figure falls to 7.3 per cent.

Peter Williams of Acadametrics, which conducted the research for the FT, said that the figures continued a "broad pattern of stability" that has been evident for some months.

He added: "The expectation of a slowing market as the year goes on remains given that the effect of successive interest rate increases continues to work its way through the system.

"The Bank's recent decision to hold on rates was welcome not least given the newly advised increased incidence of arrears and possessions and the continued uncertainty created by the difficulties in the US sub-prime market."

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Author:  Joanne McCabe

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