By Jonathan Davies

The annual growth of house prices in the UK grew to 8.4% in August, according to the Land Registry.

It's the highest rate for nearly seven years, and comes in a month which is typically one of the quietest for the housing market.

The Land Registry said prices were up 1% on July, with the average house price in England and Wales now £177,824.

Various organisations and analysts have argued that the housing market is starting to cool off after huge growth over the past 12 months. But the Land Registry's figures appears to quash those theories.

As usual, London saw growth accelerated far ahead of the rest of the country. House prices grew 21% in the capital in August, with the North East of England witnessing the slowest growth of just 3%.

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