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UK house prices rose 0.8% in August from July, the Lloyds Banking Group Plc's Halifax division said Thursday. Economists were looking for a monthly 1% increase. Average house price in August was GBP 160,973.
House prices in August were 10.1% lower on an annual basis. The decline for August matched economists' expectations.
"Demand for housing has increased since the start of the year due to better affordability and low interest rates. This, together with low levels of property available for sale, has boosted house prices over the last few months," said Martin Ellis, housing economist.
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