House prices show modest rise in August

The latest index reveals prices increased by 0.8% in August compared to July but property values are 10.1% lower in the three months to August compared with the same period a year ago. The average UK home is now valued at £160,973. Prices in the three months to August compared with the previous three months were 1.7% higher, which was the biggest rise in this measure since July 2007. Halifax housing economist Martin Ellis, says: "Demand for housing has increased since the start of the year due to better affordability and low interest rates." Ellis adds affordability of mortgages im...