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House Prices Increase by Nearly £3,000 in October Says Halifax

Halifax's latest index shows that house prices grew by £2,993 in October to an average of £217,411 across the UK.

Halifax's latest index shows that house prices grew by £2,993 in October to an average of £217,411 across the UK.

Home values in the three months to October rose 0.1% above the previous quarter, May to July, according to research by the mortgage lender.


Whilst the rate of change has eased from a peak of 3.0% in February, the quarterly figure for October still represents an improvement on September’s -0.1% quarterly growth.


Compared to a year prior, prices in the three months to October were 5.2% higher than in the same three months in 2015.


Whereas the current annual house price growth is easing from the peak witnessed in March, it still indicates robust growth for the UK’s housing market.


On a monthly basis, house prices have increased by 1.4% between September and October, bringing the average house price to £217,411 from £214,418.


In terms of housing activity, sales of UK property have steadied in recent months after the increase in stamp duty on second home and buy-to-let purchases caused sales to jump exponentially earlier in the year.


Likewise, mortgage approvals have stabilised, with the volume rising in September for the first time in four months.


With supply of UK property remaining at a historic low, together with mortgage rates - house prices are expected to remain afloat for the remainder of the year, says Halifax.


In earlier news, Savills' new forecast projects that rental rates will grow much faster than house prices in 2021, as the barriers to home ownership continue to remain high.

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