UK house prices dipped marginally by 0.4% between July and August, as the housing market remained subdued.
According to the Halifax House Price Index, house prices reduced for a second successive month, with the average house price standing at £160,256.
House prices remain pretty static, with the trend expected to continue over the course of the next year. This will be frustrating news to sellers hoping to build up a decent amount of equity in their homes.
The outlook looks slightly better for home buyers, however. Approvals to finance house purchases, considered to be a strong indicator of completed house sales, improved by 7% in July, following a 13% slump during June.
Martin Ellis, housing economist at Halifax, said: "Nationally, house prices continue to tread water, as measured by the underlying trend.
"Prices in the three months to August were fractionally lower (-0.3%) compared with the previous three months. House prices fell by 0.4% in August with the declines in the past two months largely offsetting the gains in the preceding two months."
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