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House prices rebound after September’s fall

House prices rose 1.8 per cent in October, according to the latest house price index by Halifax.

The data marks a recovery for house prices after Halifax reported a price slump of 3.6 per cent in September, the biggest monthly fall since Halifax began collecting the data.

The average house price now stands at £164,919, which is 6.6 per cent or £10,256 higher than the low of April 2009.

On an annual basis, the October data shows prices are up 1.2 per cent, when prices stood at £164,990, but down 1.2 per cent on the previous quarter.

Halifax housing economist Martin Ellis says: “Prices in the three months to October were 1.2 per cent lower than in the preceding three months. This measure gives a better indication of the underlying trend in house prices than the monthly changes.

“There has been a very mixed picture of monthly house price rises and falls throughout 2010, which continued in October with prices rising by 1.8 per cent following September’s decline, reflective of flat house prices. The rate of decline in prices on the three-month-on-three month measure is markedly less than the quarterly declines of more than 5 per cent recorded during the second half of 2008.

“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.”

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