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House prices rise for third straight month
03/11/09
Edited by Andy Jowett. UK house prices increased for the third consecutive month in October, thanks to increased demand and a continued lack of residential property for sale, Hometrack has said.
In its latest market report, the property research specialist noted that London had seen the biggest price rises during the month at 0.4 per cent, double the price inflation recorded in the next highest regions, the south-east and the north-west.
The average cost of a home in England and Wales stood at £156,400 during October, Hometrack added.
Richard Donnell, the organisation's director of research, said: "Prices have firmed and the discount between sales and asking prices is back to the same level it was at the start of the credit crunch over two years ago."
However, he warned that pent-up demand from potential buyers is "starting to fade" as prices rise and bargains dry up.
Last week, Nationwide said annual house price inflation had turned positive for the first time since March 2008 in October, with prices up by two per cent year-on-year.
