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Property: House prices in the UK hit record high – increase ‘unlikely to be reversed’

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Due to house prices being hiked up during the pandemic, the average house price has risen to £262,954, topping the previous highest property value of £261,642, which was last seen in May this year.

Comparing August’s figures to house prices previously seen during the pandemic, Russell Galley, Managing Director at Halifax, has described last month’s figures as “relatively modest”.

He said: “Given the rapid gains seen over the past 12 months, August’s rise was relatively modest and the annual rate of house price inflation continued to slow, hitting a five-month low of 7.1 percent, versus 7.6 percent in July.

“However, compared to June 2020, when the housing market began to reopen from the first lockdown, prices remain more than £23,600 higher (or plus 9.9 percent).”

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