House prices on the rise says Halifax

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House prices on the rise says Halifax

Thu 9th Nov 2006

House prices in the UK rose to their highest levels in six months, a scenario attributed to demand outstripping supply and a strong economy, according to the latest Halifax House Price Index.

The index is the largest survey of house prices in Britain and it found that property prices had increased by 1.7 per cent during October and could result in the Bank of England raising the Base Rate to five per cent.

An average house price of £184,593 was reported which represents a rise of 8.6 per cent on the corresponding period last year.

However, Halifax chief economist Martin Ellis stated: "Significantly 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."

Halifax, the country's largest mortgage lender, found that the rise reported in October was the largest jump, month-on-month, since April.

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