UK HOUSE prices soared to record levels in July, according to online property portal Rightmove.

The average price rose 0.3 per cent month-on-month and 4.8 per cent year-on-year to £253,658.

This is the seventh consecutive monthly rise, the report said.

Prices in London rose 12 per cent to an average of £515,379.

“The market is currently benefiting from the ‘aggregation of marginal gains’ where incremental improvements across a range of key market drivers compound to slowly but surely build momentum,” said Miles Shipside, Rightmove director and housing market analyst.