Bank reports that average price has risen to £160,973, after second increase in a row

House prices rose 0.8% in August, according to the Halifax. This brings the average house price to £160,973 and is the second successive monthly increase the bank has reported.

Martin Ellis, a housing economist, said: “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."

Prices last month were 10.1% lower than the same time last year, but those in the three months to August were 1.7% higher than the previous three months.