The average house price increased by 0.4% month on month in August to hit a new record high, offsetting a 0.1% dip in July, according to an index. Across the UK, property values were up by 11.5% annually in August.
A typical property now costs a record £294,260, Halifax said – but its report warned that “a more challenging period for house prices should be expected”. Kim Kinnaird, director of Halifax Mortgages, said the latest monthly increase is “relatively modest” compared with recent times, adding: “Over the last year the rate of monthly house price inflation has averaged around 0.9%.
“The typical house price reached another record high in August – as it has done in seven out of the eight months so far this year. However, the annual rate of growth dropped to 11.5%, from 11.8% in July, the lowest level in three months.
