House prices rose 8.3% year-on-year in August

HOUSE prices grew 8.3 per cent year-on-year in August, slightly down on July’s figure of 8.4 per cent, official figures showed yesterday.

Property prices rose 0.7 per cent in August, helping the annual rate of growth recover some ground after July’s 0.3 per cent fall.

The Department of Communities and Local Government said the average UK house price now stood at £213,116.

But it also showed house price inflation had eased by more than half from 1.7 per cent in the second quarter to 0.8 per cent in the third quarter.

The figures showed the average price paid by first time buyers increased by 8.2 per cent in the year.