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House prices rise for second month

House prices rose for the second month in a row during August, increasing by 0.8 per cent, figures showed today.

The continuing shortage of homes for sale helped push the average cost of a property in the UK up to £160,973, broadly in line with where prices were at the end of last year, according to Halifax.

There was also a further fall in the annual rate at which prices are declining, with this easing to 10.1 per cent, the lowest figure since July 2008 - based on the average house price during the previous three months compared with the same period a year earlier.

Halifax said house prices have now risen in four of the past eight months as the market continues to show signs of stabilising.

Halifax housing economist Martin Ellis said: “Demand for housing has increased since the start of the year due to better affordability and low interest rates.”