The average UK house price rose by £1,000 in August to reach £226,000, the Office for National Statistics (ONS) said. The increase took the annualised rate of house price inflation to 5%, up from 4.5% in July and more than double the rate of pay settlements across the country. Property market experts blamed a failure to build sufficient houses for the continuing rise in prices despite falling real incomes. Jeremy Duncombe, of Legal & General Mortgage Club, said: “Annual prices are consistently rising as more buyers chase fewer properties. In recent weeks many of the major mortgage providers have increased the price of two-year and five-year fixed-rate deals in anticipation of an official rate rise.

Source: The Guardian October 17, 2017 10:30 UTC