In August, house prices picked up steam once again, recovering from the previous year's decline.

Halifax reports that average prices in August increased 4.3% annually to £292,505.

This indicates that although home prices were only £1,000 behind the peak set in June of that year, they were at their highest point since the same month in 2022.

After rising by 0.9% in July, prices rose by 0.3% on a monthly basis.

According to Halifax, price rise in August was highest in Northern Ireland, up 9.8%, while increases in Wales and Scotland were 1.7% and 5.5%, respectively.

"Everyone's eyes will be on the next interest rate decision later this month, with the housing market generally in better shape than it was a little over a year ago when mortgage rates were still alarmingly high," said Bestinvest analyst Alice Haine.

She said that concerns about capital gains tax hikes in the October budget might jeopardise the mood, given the Labour government's insistence on plugging a £22 billion "black hole" in the public coffers.

(Sources: investing.com, proactiveinvestors.co.uk)