October house prices up

House prices rose in October, according to figures from Halifax.

The lender recorded a 1.2 per cent rise in prices since September, taking the average UK home value to £165,528.

Halifax housing economist Martin Ellis argued that this was further confirmation that the market is recovering, with prices now 2.9 per cent up on the end of 2008 and having risen 7.1 per cent since prices hitting their lowest level in April.

He went on to suggest that the rate of price appreciation may be slowed by the encouragement people would take from the trend, which would see more homeowners looking to sell and putting their homes on the market.

“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,” Mr Ellis commented.

The Halifax figures indicate a larger rise than the Nationwide data for last month, which showed a 0.4 per cent increase.

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