October sees 1.7% gains in house prices
Published On 10 November 2006
There was a 1.7 per cent increase in house prices in October, according to a new property price survey.New data from Halifax has found that the average price of a house in the UK now stands at £184,593.
This increase means annual house price inflation now stands at 8.6 per cent, which is a 0.6 percentage point increase from the September figures.
Martin Ellis, Halifax chief economist, said: "Higher utility bills and the increase in mortgage rates over recent months – both in fixed and variable rate products – are expected to constrain housing demand, causing the annual rate of house price inflation to ease over the coming months."
The Halifax report also recorded early signs of weakening activity in the property buying process – a sign that house price growth could slow over the next few months.
Recent surveys from the Royal Institution of Chartered Surveyors and the House Builders' Federation have also shown the housing market growth is slowing with falls reported in new buyer enquiries.
