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UK House Price Inflation At 7-Month High: ONS

U.K. house price inflation accelerated for the third straight month in October to the highest level in seven months, figures from the Office for National Statistics showed Tuesday.

The house price index rose 7.0 percent year-over-year in October, faster than the 6.1 percent hike in the previous month.

The latest rate of increase in house prices was the fastest since March this year, when they grew 9.6 percent.

House price inflation in England alone was 7.4 percent, driven by an annual increases in the East and the South East.

Excluding London and the South East, UK house prices increased by 5.6 percent in the 12 months to October 2015.

On a monthly basis, the seasonally adjusted house prices grew at a stable pace of 0.8 percent in October.

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