But annual growth well down year-on-year and London prices fall
House prices in October rose at the fastest rate month-on-month since January, fuelling hopes that the market is improving.
The latest Halifax House Price Index shows average prices in October were 0.6% higher than September, compared to a fall of 0.3% the previous month.
On an annual basis, prices were 1.9% higher than in the same month last year. This was higher than the annual growth of 1.3% posted last month.
However, it is well down on the annual growth posted a year ago, with prices growing 4% between October 2023 and October 2024.
The data also shows prices in London and the south east fell on an annual basis by 0.3% and 0.1% respectively.
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.”
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