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Halifax released its house prices data for the U.K. on Thursday. House prices in the U.K. increased 2.7% in August, after a 0.4% fall in July. July's figure was revised up from a 0.6% decline.
On a yearly basis, house prices climbed 9.0% in the three months to August, after a 7.8% increase in the three months to July. July's figure was revised down from a 7.8% gain.
"The shortage of second-hand properties for sale on the market is resulting in upward pressure on house prices. At the same time, economic recovery, real earnings growth and very low mortgage rates are supporting housing demand. Strengthening demand and highly constrained supply are likely to mean that house price growth continues to be robust in the short-term," Halifax's housing economist Martin Ellis said.
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