British house prices fell for a second consecutive month in August, taking the annual growth rate to its lowest in more than a year, figures from mortgage lender Halifax showed today.
House prices dropped 0.2% in August after a 1.1% decline in July.
This caused the annual rate of growth to slow to 6.9% from 8.4% in July, according to the figures from Halifax, part of Lloyds Banking Group.
Economists polled by Reuters had forecast a 0.4% monthly fall and a 7% annual rise.
"The slowdown in the rate of house price growth is consistent with the forecast that we made at the end of 2015," Halifax economist Martin Ellis said.
"Increasing difficulties in purchasing a home as house prices continued to increase more quickly than earnings were expected to constrain demand, curbing house price growth," he added.