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House prices in the United Kingdom rose 1.6% in August on a year-over-year basis, missing the 2.1% figure analysts had forecast.
Year-over-year, in plain terms, measures this August's average against the same month a year earlier.
The figure comes from the Nationwide house price index, compiled monthly from home loan completions at Nationwide Building Society.
A house price index tracks where average residential property values stand relative to an earlier benchmark.
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