British house prices rose by 2.1% month on month in August after a 0.6% fall in July, despite the phasing-out of a tax break for purchases in England and Northern Ireland, figures from mortgage lender Nationwide showed on Wednesday.
House prices in August were 11.0% higher than a year ago, a bigger increase than the 10.5% rise Nationwide recorded in July and bucking economists' expectations in a Reuters poll for a slowdown to 8.6%.
But a number of indicators had shown a slowdown in activity in July after the partial withdrawal of a reduction in property purchase tax, known as stamp duty. The tax break will be withdrawn in full at the end of September. Demand for property priced 125,000-250,000 pounds, which still benefits from the tax break until the end of September, as well as lack of homes to buy, could be behind the rise, he added.
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