House prices rise by more than expected in October - Halifax

(Sharecast News) - House prices sparked in October, industry data showed on Friday, the biggest increase since the start of the year. According to the latest house price index from Halifax, prices rose by 0.6% last month, reversing a 0.3% decline in September.

The biggest monthly increase since January, it was comfortably above forecasts for an 0.1% increase.

On an annual basis, house prices were 1.9% higher, compared to September's 1.3% uplift. The annual increase was also above consensus for 1.45%.

The average property price now stands at £299,862.

Amanda Bryden, head of mortgages at Halifax, said: "Demand from buyers has held up well coming into autumn, despite a degree of uncertainty in the market, with the number of new mortgages being approved recently hitting its highest level so far this year.

"There is no doubt that affordability remains a challenge for many.

"Rising costs for everyday essentials are also squeezing disposable incomes.

"Even so, while there has been some volatility, the market has proven resilient over recent months, as many buyers opt for smaller deposits and longer terms to make the numbers work."