House prices continue to climb in August

private rents houses london

House prices are continuing to climb, hitting another record high in August. However, there are signs of slowing.

The Halifax House Price Index reported house prices to be up 7.1% year on year in August. This is compared to the 7.6% increase in July, and the 8.7% growth in June.

“The macroeconomic environment is becoming increasingly positive, with job vacancies at a record high and consumer confidence returning to pre-pandemic levels,” said Russell Galley, Halifax’s chief executive.

“Coupled with a supply of properties for sale that looks increasingly tight, and barring any reimposition of lockdown measures or a significant increase in unemployment as job support schemes are unwound later this year, these factors should continue to support prices in the near-term.”

Since the stamp-duty holiday ended, the housing market has significantly cooled.

The average cost of a home in the UK is now £262,954. In London, this increases to £508,503.