Average UK house price hit record high in August, says Halifax

But the bank warned that a more challenging period for house prices should be expected

The average house price increased by 0.4% month on month in August to hit a new record high, offsetting a 0.1% dip in July, according to Halifax (David Cheskin/PA) (PA Wire)

The average house price increased by 0.4% month on month in August to hit a new record high, offsetting a 0.1% dip in July, according to Halifax.

Across the UK, property values were up by 11.5% annually in August.

A typical property now costs a record £294,260, Halifax said – but its report warned that “a more challenging period for house prices should be expected”.