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House prices surged over the past year at the fastest pace since 2004 as the UK property market continued to defy expectations of a slump.

House price inflation hit 13 per cent in the past 12 months, taking the average price of a home to a new record high of £294,845, Halifax bank reported. In June alone, prices rose 1.8 per cent, the fastest monthly increase since 2007.

The rapid increase in property prices comes despite rising interest rates, and will add to fears that homes are becoming increasingly unaffordable in many parts of the country.

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