6 Nov

October house prices see a small drop

October house prices see a small drop

The price of a house in the UK through estate agents in October have fallen, according to newly released statistics from the Halifax.

Recently, primary figures released by Nationwide, based on mortgages that it had approved, showed that yearly prices in the 12 month up until October were down 0.9 per cent but now Halifax said the figure was 1.7 per cent.

The cost of an average house, said the Halifax, now sits at £158,426, which is a full 0.7 per cent lower than in September.

"Signs of a modest deterioration in the trend in house prices continued in October. Prices in the three months to October were 1.2 per cent lower than in the preceding three months," said Martin Ellis, housing economist with the bank.

He went on to say that the current economic climate was difficult for sellers because of low demand and the fact that fewer people are now coming into the market.ADNFCR-1222-ID-801483317-ADNFCR

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