The largest mortgage lender in the country, Halifax, has revealed that UK house prices experienced a growth increase in October.
Prices in October rose at an annual pace of 9.7 per cent, rising from the 8.6 per cent recorded for September. The 1.1 per cent rise came after a fall of 0.9 per cent for the previous month.
As a result of the increase the average house/flat price across the UK rose to a record high £205,240.
“Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015.
Strengthening demand is filtering through into higher sales levels, although the ongoing shortage of supply is acting as a significant constraint on activity,” said Martin Ellis, of Halifax.
Mr Ellis also revealed that demand for houses would most likely outstrip supply over the next few months, resulting in an “upward pressure on house prices” being maintained.
Nationwide recently announced that house prices were up 3.9 per cent in October compared to in 2014, whilst saying that prices were up 0.6 per cent in September, resulting in the average house price being £196,807.
The rising cost for a home will make it especially hard for first-time buyers to make it onto the property ladder.
