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Property prices up for July

Figures show house prices rose by 1.1 per cent during July for the second time in three months.

According to Halifax, prices in the three months to July were 0.8 per cent higher than in the previous quarter, moving the total house price fall drop this year to less than 1 per cent.

Halifax housing economist Martin Ellis said the latest data offers further signs that conditions in the property market are improving.

He said: “Demand for homes has risen, albeit from a very low base, since the start of the year, driven by improvements in affordability and low interest rates.”

Following the rise, property prices are now 12.1 per cent lower on a year earlier, with an average price of £159,623.

The news comes after building society Nationwide reported that the average value of a UK home rose by 1.3 per cent in July.

It also said that the number of mortgages approved for house purchase has risen for five consecutive months to the highest level for more than a year.\

After analysing the figures IHS Global Insight economist Howard Archer said it was possible that April marked the trough in house prices.

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