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UK house prices continue to rise House price increase at three-year high, Halifax says
(35 minutes later)
The annual rate of house price inflation has increased again, the Halifax says, as demand for properties continues to outstrip supply. House prices are rising at their highest annual pace for more than three years, the Halifax says, as demand for properties continues to rise.
The Halifax found prices in the three months to September were 6.2% higher compared with a year earlier. Prices in the three months to September were 6.2% higher than a year earlier, the highest rate since June 2010.
Prices rose by 0.3% in September compared with the month before, taking the average house price to £170,733.Prices rose by 0.3% in September compared with the month before, taking the average house price to £170,733.
The Halifax said demand for property was rising thanks to low interest rates and improving consumer confidence.The Halifax said demand for property was rising thanks to low interest rates and improving consumer confidence.
It added that government schemes - such as Funding for Lending and Help to Buy - also appeared to have increased demand for housing.
However, the Halifax added that there were also signs that more properties were starting to come onto the market.
"The recent strengthening in house prices is increasing the amount of equity that many homeowners have in their home, enabling more to put their property on the market for sale," said Martin Ellis, housing economist at the Halifax.
Last week, the Nationwide said that house prices rose at an annual pace of 5% in September.