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House prices reach new high

Housing prices reached a high in August Credit: ITV Yorkshire

The property market is showing signs of recovery with House prices reaching a new high in August, according to the Office of National Statistics.

A 0.5% month-on-month uplift took the average price across the UK to £247,000.

Prices were 3.8% higher year on year, with England recording the strongest annual growth at 4.1%, followed by 1.1% in Northern Ireland and 1.0% in Wales, while Scotland saw prices fall by 0.7% over the year typically.

The housing market is expected to see the heat of demand from would-be buyers turned up further over the coming months, following the launch of the Government's new Help to Buy scheme, which offers state-backed mortgages to people with deposits as low as 5%.

Royal Bank of Scotland (RBS), NatWest, Halifax and Bank of Scotland started offering loans under the initiative last week and have reported strong interest so far, while more lenders including HSBC, Barclays and Santander have also confirmed their plans to come on board.