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Mortgage rates rose in August, study shows

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Mortgage prices continued to rise in August, according to new figures.

The total growth in mortgage prices was one per cent for the month, the Halifax House Price Index shows.

Although the total growth in mortgage prices continues, experts at the company believe that the market is showing signs of moderation.

Many experts have predicted that growth in mortgage activity could slow in the near future, as future rises in the Bank of England's base rate are predicted within the year.

Martin Ellis, chief economist at Halifax, said: There are signs, however, that the market is slowing with an overall increase in house prices over the three months from May to August of only 0.2 per cent compared with a 2.9 per cent rise in the preceding three months.

August's increase was smaller than the 1.4 per cent rise in August 2005, contributing to a slowdown in the annual rate of house price inflation to 8.2 per cent from 9.4 per cent in June.

Mortgage provider Nationwide recently predicted a further five per cent growth in house prices before the end of 2006.

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