UK house prices rise more strongly than expected in Oct: Halifax

[LONDON] British house prices rose at a much faster monthly pace than expected in October, according to a survey from mortgage lender Halifax on Thursday that suggested prices will keep climbing.

House prices rose 1.1 per cent on the month, wiping out a 0.9 per cent decline in September. Economists polled by Reuters had expected a 0.6 per cent increase.

House prices in the three months to October rose 9.7 per cent compared with the same period a year ago, up from 8.6 per cent growth in September and beating the Reuters poll consensus for a 9.5 per cent upturn.

Halifax said an imbalance between supply and demand would likely maintain upward pressure on house prices in the coming months.

REUTERS