UK House Prices Rise by 1.2% - Halifax

UK house prices rise by 1.2% in October and yet remain 0.3% lower than they were at the same time last year, say Halifax experts.

For the first time in the past 3 months house prices in the UK rose, say property experts at Halifax in the latest house prices report published yesterday, on November 7th.

According to the company's data, property values have risen by 1.2% in October and reached 163,311 pounds on average. In the opinion of Halifax experts, such an increase is due to improved affordability of mortgages.

Let's remind that in the past month many British banks introduced new mortgage products and cut the costs of existing loans.

Martin Ellis of Halifax is determined that low interest can support the housing market in the current climate. However, he is concerned with the long-term statistics. House prices are now 0.3% lower than in October 2010.

The detailed house price index by Halifax is available on the official website of the Lloyds Banking Group.