Official figures have charted an easing in the annual rate of inflation but house price growth accelerating to a seven-year high - with six UK regions achieving new price peaks.
Separate releases by the Office for National Statistics (ONS) showed CPI inflation at 1.5% - falling back from 1.6% the previous month - with the biggest contributions coming from the supermarket price war and falling petrol costs.
This means that while wage growth remains much weaker that the rate of inflation - maintaining the squeeze on earnings - the gap was slightly reduced.
London house price growth slowed in July However, the ONS statistics on house prices showed that purchasers would need to dig deeper for a deposit.
The average cost of a home rose 11.7% to a new record high of £272,000 in the year to July, though annual growth in London slipped slightly to a rate of 19.1% from 19.3% the previous month.
The study - by nation - showed prices rose 12% in England, 7.4% in Wales, 7.6% in Scotland and 4.5% in Northern Ireland.
It also measured property prices reaching fresh all-time highs in six UK regions.
The East Midlands, West Midlands and South West joined London, the East and the South East in having price levels higher than their pre-financial crisis peaks of 2007/08, the ONS said.
The recovery in building has been too slow to help temper price growth Estate agents have reported seeing signs of disruption to the housing market in Scotland in recent weeks, with potential buyers putting their plans on hold while they wait to see what the outcome of the referendum on independence will be.
The report also showed that first-time buyers face having to pay 13.5% more to get on the property ladder than they did a year ago - and the ONS said this was the highest annual increase recorded for the sector since March 2005.
The average price paid by a first-time buyer in July this year was £209,000.
The Bank of England, which is mulling the timing of the UK's first interest rate rise since March 2009, is likely to see the inflation and house prices figures as further evidence of little immediate pressure for action.
Bank governor Mark Carney has cited concerns on consumer debt and wage growth.
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