Mubasher: House prices in the UK rose during the 12-month period ended last August, recovering from the slowest pace almost seven years recorded in July.

Property values in the UK recorded a year-on-year gain of 1.3% last August, compared with nearly seven-year low of 0.8% growth rate in the preceding month, according to joint statement by the Office for National Statistics (ONS) and the Land Registry showed on Wednesday.

House growth in Wales was the strongest, as prices increased by 4.5% in the year to August, while the lowest annual growth was registered in London, where prices fell by 1.4%.

The typical cost of a house in the UK is now valued at GBP 234,853 ($297,972), almost GBP 3,000 higher than the average price a year ago.

However, although prices extended the decline in London as well as the South East, they were still the most expensive places to buy a property at an average of GBP 472,753 and 326,232, respectively.

By 11:29 am GMT, the GBP/USD pair fell by 0.29% to $1.2750, while the EUR/GBP pair rose by 0.25% to GBP 0.8651.