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by administrator @, Tuesday, November 08, 2011, 16:05

House prices rose by 1.2 per cent in October compared with September as the housing market proves "highly resilient", according to figures from a leading mortgage lender.

The average house price is now £163,311, up from £162,096 in September, Halifax said.

The mortgage lender explained that the new figures continue the highly mixed pattern of monthly price movements this year. There have been five monthly rises, four falls and one month of no change.

Commenting on the figures, housing economist Martin Ellis said: "The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies."

The average UK house price in October was marginally higher than at the end of last year. The average price in October was £508 (or 0.3 per cent) higher than in December 2010 on a seasonally adjusted basis.

But despite the October rise, house prices in the last three months were 0.3 per cent lower than in the preceding three months. And Halifax figures for September showed the biggest monthly drop on record as prices slumped 3.6 per cent compared to August.

Mr Ellis said: "House prices in the three months to October were 0.3% lower than in the preceding three months. There was a 1.2% increase between September and October, according to the more volatile monthly figures, continuing the highly mixed monthly picture.

"Whilst there have been five monthly price rises, four falls and one month of no change, there has been little change in prices during 2011 overall.

"Despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010.

"The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate. Both prices and activity levels are expected to remain close to current levels over the coming few months."

house prices

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