3 Nov

Survey sees house prices rise again in October

Survey sees house prices rise again in October

House prices increased by 0.2 per cent in October compared to the previous month, according to a survey by Hometrack.

The company, which carries out a Monthly National Housing Survey, found that its index registered its third month of consecutive increases in terms of property values.

Richard Donnell, director of research at Hometrack, commented: "The last six months have seen a continued improvement in housing market sentiment on the back of rising demand and a lack of housing for sale."

However, Mr Donnell drew attention to the slowdown in the number of new buyers registering with agents across the UK.

New-buyer registrations stood at 1.2 per cent in October and have averaged just 1.1 per cent over the past three months. He cautioned that this could result in prices being driven up on the back of lower demand.

The Nationwide house price index produced similar data, reporting an increase of 0.4 per cent in property prices compared to September. The building society revealed that house prices had jumped by two per cent compared to October 2008, the first year-on-year rise since March last year.

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