According to the Halifax, house prices rose by 0.8% in August. They say that this now puts the average house price at £160,973.

The Halifax said that house prices have now risen in 4 out of the last 8 months as the market continues to show signs of stabilising.

Prices in the 3 months to August compared with the previous quarter were 1.7% higher, this is the biggest rise they've reported in this measure since July 2007.

Martin Ellis, Halifax housing economist, said: 'Demand for housing has increased since the start of the year due to better affordability and low interest rates.
'This, together with low levels of property available for sale, has boosted house prices over the last few months.'

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