UK house prices picked up in October

The Halifax has reported that the growth in UK house prices has picked up in the year to October.

The growth has been put down to improving economic conditions which led to a rise of 1.1% in October. The increase has brought up the average UK house price up to £205,249 which is a record high.Halifax housing economist, Martin Ellis, said “Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015.“Strengthening demand is filtering through into higher sales levels, although the ongoing shortage of supply is acting as a significant constraint on activity.”Rival mortgage lender, Nationwide, had also reported the week previously that house prices rose by 3.9% in October from a year earlier.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with conveyancing solicitors in Guildford and across the country.