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House prices climb higher in October

House prices climb higher in October

Category: Mortgages

Updated: 07/11/2011
First Published: 07/11/2011

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices climbed higher in October compared with September as the ups and downs witnessed over the course of 2011 continued.

According to Halifax, the average price of a property stood at £163,311 last month, some 1.2% higher than in September.

On a monthly basis since the turn of the year, the index has seen a mixed pattern of price movements, with five rises, four falls and one month of no change being recorded.

Despite the latest rise, prices remained 1.8% lower than a year ago.

However, the survey suggested that there have been 'some signs of a slight pick-up in housing activity'.

In particular, it noted that the number of mortgages approved to finance house purchases has nudged higher in recent months.

It added that there had been little change in the ratio of stock of unsold properties to house sales since last November, with such steady market conditions helping to stabilise house prices and sales.

"The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies," said Martin Ellis, housing economist at Halifax.

"Despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010.

"The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate.

"Both prices and activity levels are expected to remain close to current levels over the coming few months."

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