Good news for UK market as house prices continue to rise

Good news for UK market as house prices continue to rise

British house prices rose by 1.2% last month as the property market continues to weather the economic storm, mortgage lender Halifax has said.

The performance means the UK’s average property price of £163,311 sterling is marginally higher than at the end of last year.

Halifax housing economist Martin Ellis said the prospect of low Bank of England interest rates continued to support the market.

“The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies,” he said.

The market has followed a mixed pattern so far this year, with five monthly rises, four falls and one month of no change. Prices for the quarter to October were 0.3% lower when compared with the previous three months, Halifax added.

It is hoped that similar trends will arrive in Ireland shortly.

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