House prices up 1.2% in October
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House prices increased 1.2% in October, marking the fourth consecutive month of house price increases, shows the latest Halifax House Price Index.
The average house price now stands at £165,528, just 4.7% lower than the same time last year.
Martin Ellis, housing economist at Halifax, says: “House prices increased by 1.2% in October, marking the fourth consecutive monthly increase. Nationally, house prices have risen by 2.9% since the end of 2008.
“They are now 7.1% higher than six months ago when prices reached a trough in April.
“Demand for houses have risen in recent months due to the very low level of interest rates, the decline in property prices since the summer of 2007 and a pick-up in consumer confidence on the back of better economic news.”
He says higher demand combined with a low level of properties available for sale has resulted in rising house prices over the past few months.
He adds: “There are some indications that more people are deciding to put their homes on the market, encouraged by the recent improvement in market conditions. A continuation of this trend could help to improve the balance between supply and demand, curbing the strength of the stimulus to house prices resulting from the current imbalance”
