Halifax says average property costs £165,528

Posted: 04 Nov 2009 11:02:19 GMT

The average property in the UK was worth £165,528 in October, according to the latest Halifax House Price Index.

Last month's figure represented a 1.2 per cent increase on that recorded for September.

Halifax claims that UK house prices are 2.9 per cent higher than they were are the end of 2008, while they are 7.1 per cent greater than in April - when the property market dipped considerably.

Property prices were down 4.7 per cent year-on-year, although the annual rate of change was much more favourable than six months ago when it stood at -17.7 per cent.

Martin Ellis, housing economist at Halifax, said: "Demand for houses has risen in recent months due to the very low level of interest rates, the decline in property prices since the summer of 2007 and a pick-up in consumer confidence."

He added that there are "some indications" that consumers are looking to put their homes up for sale after being encouraged by the improvement in market conditions.

Nationwide Building Society released its house price figures for October last week, suggesting the typical home in the UK was worth £162,038.


© Houseladder Ltd