The latest data  on UK housing from Halifax has shown that during the three months to August this year, average house prices increased by 3.7% when compared to the same period a year and the average house price now stands at £229,958.

Russell Galley, Managing Director, Halifax, said: “House prices picked up in August, with the annual rate of growth rising from 3.3% in July to 3.7%. With the average house price now £229,958 prices in the three months to August were also 1.9% higher than in the previous quarter.

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. 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.”