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According to the latest Halifax House Price Index for August 2014, during the last three months (June-August 2014) house prices were 3.0% higher than in the previous three months. This represents a 9.7% rise in prices from the same three months a year earlier.

There are also tentative signs that a better balance between demand and supply might be emerging which, if sustained , would help dampen the pace of house growth.

Economist Martin Ellis said:

"Housing demand is supported by continuing economic recovery, growth in employment, improving consumer confidence and low mortgage rates. Nonethless, earnings growth that remains below consumer price inflation, and the prospect of an interest rate rise at some point over the coming months, are likely to curb demand.

"There are some signs of an improvement in housing supply, both in terms of more second-hand properties coming onto the market and increased numbers of new homes. These trends, if sustained, should help to improve the balance between supply and demand, contributing to an easing in the pace of house price growth."

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