House prices went up 1.7% in October, with the average house price being £184,593 so states the Halifax .
This places annual house price inflation at 8.6%, 0.6 percentage points up from the 8% recorded in September 2006.
The Halifax also states that there appears to be weakening activity in the primary stages of house buying, a sign that price growth is slowing over the next few months.
The Royal Institution of Chartered Surveyors as well as the House Builders' Federation show housing market growth slowing, with fewer people looking at new homes and a slowdown in new buyer enquiries.
The Halifax also forecast that the method whereby the monthly figure was calculated increased the October's 1.7% rise.
Despite the slowing housing market, increasing employment levels as well as steady economic growth ensured the market stayed strong.
Increases in utility bills and increase in mortgage rates recently have constrained housing demand, ensuring the annual rate of house price inflation eases over the following months.
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October House Price Rise
Fri, 10 Nov 2006
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