The average cost of a home rose to £291,268 in July - and activity is expected to pick up further following the Bank of England's first interest rate cut in more than four years.
House prices rose by 0.8% in July following three flat months for the market, according to one of the UK's biggest mortgage lenders. Halifax said the average cost of a home rose by more than £2,200 to £291,268 last month, when compared with June. The month-on-month increase was bigger than expected. Economists had forecast a rise of around 0.3%, according to a Reuters poll. Annual prices also grew by 2.3%, the lender said on Wednesday.
' Read more from Sky News:Airline's environmental ad bannedX sues companies for stopping advertisingGlobal markets rebound after plunge On a regional basis, Halifax said there had been strong growth in the North West, where month-on-month prices increased by 4.1%. The average property there is said to cost £232,489. The lender said London continues to have the most expensive property prices, with the average home in the capital now said to be £536,052.
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