Up 4.3% yr/yr (Il Sole 24 Ore Radiocor) - London, 06 Sep - In August, UK house prices rose 0.3% month on month and increased 4.3% year on year, the strongest increase since November 2022, according to the bank Halifax.

A typical UK home now costs 292,505 pounds compared to 291,585 pounds in July, the highest level since August 2022, it added.

'Recent price rises build on a largely positive summer for the UK housing market. Prospective homebuyers are feeling more confident thanks to easing interest rates. That optimism is reflected in the latest mortgage approval figures, now at their highest level in almost two years," said Amanda Bryden, head of mortgages.

'Such has been the resilience of house prices that the average property is now just 1,000 pounds shy of the record high set in June 2022 (293,507 pounds). While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.

'However with market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.'.

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(RADIOCOR) 06-09-24 08:25:35 (0156) 5 NNNN