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Halifax Reports Small Rise In UK House Prices

Wed, 04 Nov 2009
House prices in Britain increased for the fourth consecutive month in October, according to one major UK lender .

Halifax, the UK’s leading mortgage lender, said prices rose by 1.2 per cent last month, taking the average cost of a UK property to £165,528 - 4.7 per cent lower than a year ago, but 7.1 per cent (£11,000) higher than the lowest point in April. .

Martin Ellis, housing economist at Halifax, said: "Higher demand has combined with a low level of properties available for sale to result in rising house prices over the past few months."

He added: "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."

The Halifax figures are slightly more positive than those released by rival lender Nationwide last week.

Using its own mortgage lending data, the building society said property prices climbed 0.4 per cent last month, marking the sixth monthly price rise in a row and leaving average prices 2 per cent higher than October 2008.
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