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October sees the biggest national monthly house price rises since March

October sees the biggest national monthly house price rises since March

By Maurice Shasha  //  Thu 17th November 2016
October sees the biggest national monthly house price rises since March
According to data released by Halifax, UK house prices rose 1.4pc in October, which accounts for the biggest rise since March.

Following the EU referendum, the index reported monthly falls in both July and August, with a small recovery in the month of September.

The rise in monthly house prices is said to be due to lower mortgage rates and increased buyer demand as well as fewer properties on the market.

Martin Ellis, a housing economist at Halifax, comments: 'This expected slowdown [in house price growth] appears to have been largely due to mounting affordability pressures, which have increasingly constrained housing demand.'

According to Halifax, house price growth has been slightly subdued since the vote to leave the EU in June, so October's results concerning house price rises is encouraging.

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The Telegraph