Business news live: UK house prices hit record level and firms shedding jobs at fastest rate in four years

Affordability improving is a key part of what we’re seeing here in the house price data, says Guy Gittins, CEO of Foxtons.

There is, however, still “caution” in the market ahead of the Budget, when tax and inheritance rules could change.

“Following interest rate reductions, improving mortgage affordability and the increasing number of higher loan-to-income ratio products available, we’re now seeing the uplift in mortgage market activity begin to convert into transactional growth. In turn, the rate of house price growth is starting to accelerate.

“Market momentum remains steady and this underlying stability is encouraging buyers and sellers back into the fold, albeit with a degree of caution ahead of November’s budget.

“For those looking to sell, the key to success is a pragmatic approach to pricing in line with current market conditions.”

Halifax data today shows the UK house prices continued to increase across August – a third consecutive monthly rise.

This time around they went up by 0.3 per cent to take the new average property price to £299,331 – a new record high.

• Annual rate of growth eases slightly to +2.2% (down from +2.5% in July)
• Average price paid by first-time buyers falls slightly as affordability improves
• Northern Ireland continues to record the UK’s strongest annual house price growth
• England shows a North/South divide, with North East recording the fastest pace of growth

Good morning all – on the way will be stock market updates, best bank account info to earn high interest on your money and plenty more.

We start today though with the latest UK house price data from Halifax – which shows yet another rise.