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House price rises reach highest annual rate since 2010

The Halifax’s latest house price survey shows that houses have risen by the highest annual rate since June 2010.

In the three months to August, UK property prices rose by 5.4%, compared to the same period the year before.

The Halifax survey reported that prices from the quarter were 2.1% higher than they were in the previous period, and that this was largely due to low interest rates, Government schemes such as Help to Buy and a recovering economy.

Last month Nationwide reported a similar pattern. Their data shows the largest increase in prices since mid-2010, with a 1.4% rise in the three months to August.

Completed house sales increased by 4%, as mortgage approvals rose to over 60,000 between June and July – the first time approvals have exceeded this figure since the beginning of 2008.

The Halifax’s housing economist, Mark Ellis, said that the expectation was for house prices to continue to rise gradually for the rest of the year, but the banking chain warned that below-inflation earnings rises ‘are likely to act as a brake on the market’.