UK house prices increased by 1.1% between September and October and re up 2.8% quarter on quarter and 9.7% year on year, the latest property index shows.
This means that the average house price is now over £200,000 at £205,240, according to the Halifax index data and the report says that house price optimism remains high.

The 1.1% monthly rise followed a previous month’s fall of 0.9% and the market is up and down with the quarterly figures being more reliable in terms of indicating overall trends, according to Martin Ellis, the Halifax’s housing economist.

He pointed out that house prices over the three months from August to October with growth of 2.8% were higher than in the preceding three months and the quarterly rate of change increased from September’s 2% and was a little above the 2.5% average over the first nine months of the year.

Some 68% of Britons expect average property prices to be higher in 12 months’ time with just 5% expecting it to be lower, according to the latest quarterly Halifax Housing Market Confidence Tracker.

The Halifax report also points out that figures from HMRC show that home sales increased again in September. UK home sales increased by 1% between August and September, to 106,030. This was the second successive monthly rise.  Sales in the three months to September were 4.4% higher than in the preceding three months.