| Updated:
UK house prices rise 0.8 per cent in August
House prices in the UK went up by 0.8 per cent in August, according to Nationwide's house price index.
The result marks the 16th consecutive month of increases, and is a significant jump from the 0.2 per cent rise reported in July. It is also much higher than economists' expectations of a 0.2 per cent rise.
The average house price in August was £189,306, up from £188,949 in July.
In terms of annual rise, this was 11 per cent for the 12 months to August, up from 10.6 per cent for the 12 months to July. Expectations were for a 10.1 per cent rise.
Figures released by Halifax for July showed a similar upward trend in prices. They revealed a 1.4 per cent rise in July compared to the month before, and a 10.2 per cent rise for the full twelve months to July.
Robert Gardner, Nationwide's chief economist, said: “While this is still below the 11.8 per cent recorded in June, house price growth continues to outpace earnings by a wide margin, with average wage growth running at less than 1 per cent in recent months.”
[cam_houseprices]