House prices see ninth monthly rise

House prices in the three months to October were 1.6% higher than in the previous quarter (May-July), according to the latest house price data from Halifax.

This was the smallest increase since May (also 1.6%) and has slowed compared with quarterly rises of 2.0-2.1% in each of the previous four months.

Prices in the three months to October were 6.9% higher than in the same three months a year earlier. This continued the upward trend in the annual rate.

House prices increased by 0.7% in October. This was the ninth consecutive monthly increase. Nonetheless, the average price in October remained significantly below the August 2007 peak.

Activity on an upward trend. Home sales during the July to September quarter were 21% higher than in the same three months last year. The number of mortgage approvals for house purchases – a leading indicator of completed house sales – in the three months to September was 11% higher than in the previous quarter. Activity, however, remains significantly below the levels recorded in 2006 and 2007 with sales in 2013 Quarter 3 still 36% lower than in 2006 Quarter 3.

Courtesy of Financial Adviser

Posted on December 6, 2013 by Peter Marriott, in: Industry posts

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