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Halifax: UK annual house price growth climbs higher in August

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Halifax: UK annual house price growth climbs higher in August

U.K. house prices in the three months to August rose 3.7% from the year-ago period, picking up from an annual growth of 3.3% in the three months to July, according to mortgage lender Halifax.

On a monthly basis, prices were largely stable, inching up 0.1% in August after a revised 1.2% rise in the previous month. The standardized average house price inched up to £229,958 in August from £229,776 in the previous month.

"While the pace of employment growth has recently slowed, a low unemployment rate and a gradual pickup in wage growth are helping to support household finances," said Russell Galley, managing director at Halifax. "This has been accompanied by interest rates still remaining at a historically low rate and a stable, yet constrained, supply of new homes onto the market further supporting house prices."