House prices, hired help, debt and inheritance tax

House price growth slowed in August but buying a property was still 6.9 per cent more expensive than a year ago, new figures show.

The Halifax, part of Lloyds Banking Group, said that the average home in the UK cost £213,930. Prices in the three months to the end of August were 0.7 per cent higher than the previous quarter – marking a slowdown in the pace of growth. Property values fell by 0.2 per cent in August compared with July, the lender added.

Responding to the figures, Ian Thomas, co-founder and director at online mortgage lender LendInvest, said: ‘There have been a number of external factors that have chipped away at the property market in recent months, from the additional Stamp Duty charge to Brexit, with the traditional summer slowdown weighing in as well. While transactions have certainly slowed in central London as a result, the sentiment we get from buyers around the rest of the country is that it is close to business as usual.

‘September will be a useful barometer for what comes next for the property market, as transactions tend to pick up once the holiday period is over.