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House prices up 5.4% in August

House prices up 5.4% in August

Category: Economy

Updated: 06/09/2013
First Published: 06/09/2013

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Halifax's latest House Price Index reveals the average house price grew 5.4% in August when compared to a year ago – the highest annual rate of growth since June 2010.

On a monthly basis, the Halifax index showed prices to be 0.4% higher than July, the seventh consecutive monthly increase, and 2.1% up on the previous quarter.

The average house price now stands at £170,231.

Nationwide Building Society's figures, released last week, painted a similar picture of improving prices, with the average house price in August up 3.5% when compared to a year previously, and rising 0.6% from July.

"Economic improvement and low interest rates, supported by official schemes such as Funding for Lending and Help to Buy, appear to have boosted housing demand in recent months," said Martin Ellis, housing economist at the bank.

"Nonetheless, relatively modest economic growth and below inflation rises in earnings are likely to act as a brake on the market. Overall, house prices are expected to rise gradually over the remainder of the year."

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