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Halifax: UK annual house price growth cools in September

U.K. house prices in the three months to September climbed 2.5% from the year-ago period, decelerating from the 3.7% annual growth pace in the three months to August, according to mortgage lender Halifax.

On a monthly basis, prices slid 1.4% in September, following a revised 0.2% fall in the previous month. The standardized average house price declined for the second straight month to £225,995 in September from £229,284 in August.

"With the annual rate of house price growth easing to 2.5% in September from 3.7% in August and the quarterly rate of growth remaining at 1.8% for the second month, we are seeing a steadying in house price inflation across these more stable measures," said Halifax Managing Director Russell Galley.

The annual rate of growth in house prices is close to the top of Halifax's forecast range of zero percent to 3% for 2018, Galley noted, supported by a low supply of new homes and existing properties for sale, historically low mortgage rates and a high employment rate.

The U.K. employment rate stood at 75.5% in May to July, up from 75.3% in the prior-year period, Office for National Statistics data showed.