Figures released from Halifax have shown that between August and October house prices were 2.3% higher than in the previous three months (May-July). This is the fastest price growth, on this measure, since January.
Other figures released
- Prices in the three months to October were 4.5% higher than in the same three months a year earlier.
- The annual rate in October is higher than in September (4.0%) and at its highest growth rate since February.
- House prices rose by 0.3% between September and October, following a 0.8% increase in September. The average price of £225,826 is the highest on record and 2.8% higher than in January (£219,741).
Russell Galley, Managing Director, Halifax Community Bank, said: “The annual rate of growth has continued to rise for the third month in succession, rising from 4.0% in September to 4.5% in October. The average house price is now £225,826 – exceeding last month’s previous high. House prices in the three months to October were 2.3% higher than in the previous quarter, the fastest quarterly increase since January.
The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months. Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand. That said we do not anticipate the Base Rate rise will be a barrier to buying a house.”