House prices in the UK rose in October, after falling for six months in a row and at a faster than expected pace despite the subdued market, results of a survey by the Lloyds Bank subsidiary Halifax and S&P Global showed Tuesday.<\/p>\n
The house price index rose 1.1 percent from September, when they declined 0.3 percent. Economists had forecast a 0.2 percent gain.<\/p>\n
Property prices fell 3.2 percent year-on-year after a 4.5 percent slump in September. That marked the sixth month of decline. <\/p>\n
A typical UK home now costs GBP 281,974, which is GBP 3,000 more than that in the previous month.<\/p>\n
“Prospective sellers appear to be taking a cautious attitude, leading to a low supply of homes for sale,” Kim Kinnaird, director at Halifax Mortgages, said.<\/p>\n
“This is likely to have strengthened prices in the short-term, rather than prices being driven by buyer demand, which remains weak overall.”<\/p>\n
Higher interest rates and wider affordability pressures remained the main challenges faced by buyers though their income has increased due to wage hikes.<\/p>\n