House prices "firm" in October
Published On 31 October 2006
October has seen annual house price growth remain firm, according to recently released figures.A report from Nationwide found that prices are up 0.7 per cent this month on last, and are 8.0 per cent higher than this time last year.
This increase is slightly down on the 8.2 per cent annual growth figure posted in September, which was an exceptional month.
Fionnuala Earley, Nationwide's group economist, explained that the three-month growth rate has increased to 2.6 per cent, the fastest improvement since September 2004.
"Recent housing market indicators have been firm, and the latest approvals data from the Bank of England show that the August rise in interest rates did nothing to curb demand," she said.
"The number of house purchase approvals increased to 126,000 in September, the highest rate of monthly activity since February 2004," Ms Earley added.
Nationwide claims that the average property in the UK is currently worth £169,623.
Halifax puts the figure close to £180,000.
