October house price growth hits 1.7 per cent

Posted: 10 Nov 2006 10:49:23 GMT

House prices rose 1.7 per cent in October, the Halifax price index has revealed, increasing the annual rate of house price inflation from 8.0 to 8.6 per cent

House prices rose 1.7 per cent in October, the Halifax price index has revealed, increasing the annual rate of house price inflation from 8.0 to 8.6 per cent.

The increase is the fastest monthly rate of property price growth in six months, rising from 1.2 per cent from September and 1.3 per cent in August

There are signs that activity in the lower end of the property market is weakening however, said Halifax, and higher mortgage rates and fuel costs are likely to cool the market.

"Significantly higher utility bills and the increase in mortgage rates over recent months – both in fixed and variable rate products – are expected to constrain housing demand, causing the annual rate of house price inflation to ease over the coming months," said Martin Ellis of Halifax.

The number of new mortgages approved during the month of September, the latest period for which figures are available, rose to 126,000 from 120,000 in August.


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