5 November 2010

According to the Halifax house price index, October saw a 1.8% increase in month-on-month house prices bringing the average house price to £164,919.

The annual change is up by 1.2% from October 2009 and are 6.6% higher than in April 2009.

Martin Ellis, Housing Economist for the Halifax, said: "An increase in the number of properties available for sale in recent months, together with a decline in demand, has put some downward pressure on prices in recent months.

We do not believe that prices are set to fall sharply over a sustained period. Interest rates are likely to remain very low for an extended period, which will continue to support the improved mortgage affordability position for homeowners. Low rates and stable employment levels are benefiting homeowners."

Source: Lloyds Banking Group

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