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Halifax: House prices up 1.6% in September


House prices for September increased by 1.6 per cent in value, but were down 7.4 per cent annually.

The house price index from the Halifax today puts the average price of a home at £163,533, with house prices for quarter three (Q3) up for the first time in two years.

Today's index follows that of Nationwide last week, which said UK house prices are now at the same level as September 2008, and reported the average price of home at £161,816.

The Halifax today said prices rose for the third consecutive month in September, and prices in the three months to September rose by 2.8 per cent compared with the previous quarter.

Halifax, now part of Lloyds Banking Group, said the rise was due increased demand and low supply levels of homes, but warned the end was not yet in sight. Martin Ellis, Halifax housing economist, said: "Continuing increases in unemployment and low earnings growth are likely to constrain the rise in demand.

"There are also some signs that the improvement in market conditions is encouraging more people to put their properties up for sale.

 

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