UK house prices rising faster than wage increases, Halifax says

Bank puts annual rate of property inflation at 3.3%, but experts say market activity still lacklustre

A surprise spike in UK house prices in July has increased the annual rate of property inflation to 3.3%, pushing the cost of buying a home to a record high.

Halifax said house prices rose 1.4% in July alone, taking the average house price to a new record of 230,280. The annual growth rate jumped from 1.8% in June to 3.3% in July, the largest increase since last November.