UK house prices continue to rise’

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House prices in Britain are rising sharply and will continue to do so in the coming months, Halifax has reported.

In the year to October, prices rose 4.5% from 4% in September and was the strongest increase since February.

The average price for a UK-house to a new record level of £225,826.

Cheap mortgages and high employment rates were likely to continue to support house prices in the coming months, the Halifax said.

He said that last week the benchmark interest rate, which was more than four million people on variable rate mortgages, is unlikely to increase, to dampen the market.

“We do not expect the base rate to rise, buy an obstacle for a house,” said Russell galley, managing Director of Halifax Community Bank.

Volatility

However, some economists doubt the Halifax data.

Samuel tombs, chief UK economist at Pantheon macroeconomics, said the Halifax measure was in line with other indicators.

With a quarterly comparison, the prices rose by 2.3%, according to Halifax.

On the same basis, he said nationwide had reported a growth of only 0.8% in October, while Rightmove online price index rose by only 0.2%.

“The Halifax data are particularly volatile, so we are inclined to give more weight to the Nationwide and Rightmove measures,” he said.

Public confidence in rising real estate prices has also fallen, to its lowest level since December 2012, according to the Halifax housing market confidence Tracker.

Around 50% of the respondents in the survey believe that house prices will rise in the next 12 months, the lowest level since 2013.

However, 20% believe that house prices will fall – the highest proportion for five years.

Where can I afford to live?

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