House prices rose in October for the first time in six months, according to the Halifax, but it expects values to fall over the next year.
The UK’s largest mortgage lender said prices rose 1.1% last month, taking the average property value to £281,974.
But the Halifax said the rise was due to a lack of homes for sale, and demand from buyers remained weak.
But the Halifax said the rise was due to a lack of homes for sale, and demand from buyers remained weak.
House prices in October were down 3.2% from the same point last year, according to the Halifax’s data.
“Prospective sellers appear to be taking a cautious attitude, leading to a low supply of homes for sale,” said Kim Kinnaird, director of Halifax Mortgages.
“This is likely to have strengthened prices in the short term, rather than prices being driven by buyer demand, which remains weak overall.”
Up until recently, the Bank of England had been increasing interest rates steadily in an attempt to tame soaring inflation. The rise has led to higher mortgage rates for homeowners.
House prices rose in October for the first time in six months, according to the Halifax, but it expects values to fall over the next year.
But the Halifax said the rise was due to a lack of homes for sale, and demand from buyers remained weak.
The UK’s largest mortgage lender said prices rose 1.1% last month, taking the average property value to £281,974.
House prices in October were down 3.2% from the same point last year, according to the Halifax’s data.
But the Halifax said the rise was due to a lack of homes for sale, and demand from buyers remained weak.
But the Halifax said the rise was due to a lack of homes for sale, and demand from buyers remained weak.
House prices in October were down 3.2% from the same point last year, according to the Halifax’s data.
“Prospective sellers appear to be taking a cautious attitude, leading to a low supply of homes for sale,” said Kim Kinnaird, director of Halifax Mortgages.
“This is likely to have strengthened prices in the short term, rather than prices being driven by buyer demand, which remains weak overall.”
Up until recently, the Bank of England had been increasing interest rates steadily in an attempt to tame soaring inflation. The rise has led to higher mortgage rates for homeowners.
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