UK property prices rose by 0.4% last month even in the face of the gathering global economic downturn.
The increase, coming on the heels of a 0.1% dip in July, means the annual rate of growth is 11.5%, or more than £30,000, said Halifax, taking the average house price to £294,260.
However, Kim Kinnaird, director of Halifax Mortgages, said the monthly increase was “relatively modest” relative to recent gains, adding: “While house prices have so far proved to be resilient in the face of growing economic uncertainty, surveys point towards cooling expectations across the majority of UK regions as buyer demand eases and other forward-looking indicators also imply a likely slowdown.”
The monthly survey from the Royal Institution of Chartered Surveyors showed a record low number of houses for sale has pushed up prices, despite a sharp drop in interest among new buyers.
