(Halifax) UK posted an average house price of 270,027 pounds in October, an annual increase of 8.1% compared to 7.4% in September. The prices are now up for the fourth consecutive month.
On a month over month basis, UK house prices rose by 0.9% or 2,500 pounds. The house prices increased by 2.3% from the previous quarter.
Annual house price increase among first time buyers was at a five-month high of 9.2%.
Wales posted the largest increase in annual house price inflation at 12.9%. Northern Ireland had the strongest increase in the last four months at 11.3%.
In England, the North West led the strongest annual house price gains at 10.4%, a four-month high, while London posted the lowest annual inflation at 0.8%
Halifax managing director Russell Galley says the housing boom in the past 18 months reflects a rush for more space, with the cut to stamp duty also fueling price increase.
Galley expects housing demand to cool over the next 12 months as the Bank of England reacts to the rising inflation by raising rates that will increase borrowing costs.
FTSE 100 is up +0.45%, GBPUSD is down -0.39%.
