House prices rise for first time in six months, says Halifax
Halifax reports that house prices rose in October for the first time in six months, but it expects values to fall over the next year.
Halifax – the UK’s largest mortgage lender – said prices rose 1.1% last month, taking the average property value to £281,974.
But the rise is due to a lack of homes for sale and the demand from buyers remaining weak.
It expects prices to fall until 2025, with buyers facing higher interest rates and cost of living pressures.
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.”