House prices show fresh rise

House prices rose in October, the latest figures from Nationwide have revealed.

The building society disclosed that the average home now costs £162,764, a 0.5 per cent rise on October’s figure and 2.7 per cent higher than 12 months ago.

Such a rise was the same as seen in October and chief economist Martin Gahbauer observed that the three-monthly rate of increase has decelerated, dropping to 2.8 per cent from 3.5 per cent in October and 3.8 per cent in September.

This situation may help those looking to buy a home, as it indicates that prices are not about to surge out of reach again.

Giving its verdict on the survey, the Royal Institution of Chartered Surveyors argued that price rises have been partly due to a lack of housing availability and said a recent increase in the number of homes coming on the market has helped slow down price rises.

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