Halifax reports 1.8% rise in house prices in October
The Halifax has today revealed UK house prices rose by 1.8% last month, following a 3.6% fall in September.
The latest house price rise takes the average cost of a UK home to £164,919, the Halifax said.
According to the lender, the monthly increase was three times faster than expected and means house prices are 1.2% higher than a year ago.
Meanwhile, the three-month-on-three-month rate of change, which is a more reliable indicator or near-term price trend, revealed a 1.2% fall in October, said the Halifax.
Analysts had expected a rise of 0.6% on the month and a three-month annual rate of 0.7%.
The figures differ vastly from those from the Nationwide Building Society, who last week revealed a 0.7% fall for the month of October.
Commenting on today‘s figures, Halifax housing economist Martin Ellis, said the high level of instructions on the market, coupled with a lack of buyer demand has “put some downward pressure on prices in recent months.”
He added: “We do not believe that prices are set to fall sharply over a sustained period.”