UK house prices: Halifax and Barratt warn of challenges ahead

Average price of home rises to 294,260 in August as cost of living crisis and interest rates hit home

The average price of a UK home climbed again in August, although the rate of annual growth slowed, as the country's largest lender warned of a more challenging period" ahead for house prices amid rising interest rates and the cost of living squeeze.

The average price of a home was 294,260 in August, 0.4% higher than the previous month, and marked another record high, according to Halifax.