House Prices Rise For Four Months In A Row

Halifax House Price Index October 2009: Highlights

National house prices increased by 1.2 per cent in October; this was the fourth successive monthly rise. On an annual basis, house prices were 4.7 per cent lower than October of last year, taking the average property price to £165,528 in October 2009.  This is the smallest year-on-year decline since May 2008 (-3.8 per cent). Prices in the three months to October were 2.9 per cent higher compared to the previous three months.

Improvement to Supply / Demand Imbalance 

Martin Ellis, housing economist at Halifax, comments: "Demand for houses has risen in recent months due to the very low level of interest rates, the decline in property prices since the summer of 2007 and a pick-up in consumer confidence on the back of better economic news.

"Higher demand has combined with a low level of properties available for sale to result in rising house prices over the past few months. There are some indications that more people are deciding to put their homes on the market, encouraged by the recent improvement in housing market.

"A continuation of this trend could help to improve the balance between supply and demand, curbing the strength of the stimulus to house prices resulting from the current imbalance."

Read the Halifax House Price Index October 2009

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