UK house prices rose by 4.7pc on the month in October, increasing by a seasonally adjusted 30.6pc from a year earlier, according to the latest monthly survey released today by the Halifax. Halifax said this was the largest recorded monthly increase. Group chief economist Martin Ellis said that there also appeared to be little prospect of either a substantial rise in interest rates or unemployment over the next year. As a result, he said, house prices were expected to continue increasing although at a slower pace than in recent months.
Halifax said the fall in house prices last year following September 11 was estimated to be responsible for nearly two-thirds (4 percentage points) of the increase in the annual rate of house price inflation to 30.6pc in October from 24.2pc in September. //www.fxcentre.com