The average property price in the UK has hit a record high.

The Halifax price index shows prices were up 0.7% on July, taking the average price to £262,954, the highest on record.

But the rise is slowing, with annual house price inflation now at 7.1%, hitting a five-month low after a 7.6% increase in July.

Wales remains the strongest performing area, with annual house price inflation at 11.6% and the only double-digit rise recorded in the UK during August.

The South West, which includes Gloucestershire, is also still experiencing strong annual growth at 9.6%, likely reflecting the ongoing demand for rural living within the region.

Greater London saw only a 1.3% annual increase in prices in August and, over a three-monthly period, was the only region or nation to record a fall in prices, down 0.3%.

Russell Galley, Managing Director, Halifax, said: "Much of the impact from the stamp duty holiday has now left the market.

"However, while such Government schemes have provided vital stimulus, there have also been other significant drivers of house price inflation.

"We believe structural factors have driven record levels of buyer activity - such as the demand for more space amid greater home working. These trends look set to persist and the price gains made since the start of the pandemic are unlikely to be reversed once the remaining tax break comes to an end later this month."