6 Nov


UK house prices increased by 1.1% between September and October and are up 2.8% quarter on quarter and 9.7% year on year, the latest property index shows.

According to the Halifax House Price Index this means that the average house price in the UK is now over £200,000 at £205,240 and the report says that house price optimism remains high.

Martin Ellis, the Halifax’s housing economist pointed out that house prices over the three months from August to October grew by 2.8% and were higher than in the preceding three months and the quarterly rate of change increased from September’s 2% and was a little above the 2.5% average over the first nine months of the year.

Confidence in the housing market remains high with some 68% of Britons expecting average property prices to be higher in 12 months’ time and just 5% expecting it to be lower, according to the latest quarterly Halifax Housing Market Confidence Tracker.

‘Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015. Strengthening demand is filtering through in to higher sales levels although the on-going shortage of supply is acting as a significant constraint on activity,’ said Ellis.

‘The imbalance between supply and demand is likely to persist over the coming months, maintaining upward pressure on house prices,’ he added.

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