UK house prices are growing annually by 9.7 per cent according to the Halifax, which says "improving economic conditions" lie behind the acceleration in values.
The average price of a flat or house across the country is now £205,240 says the mortgage lender.
Its latest house price index reveals that the annual rate of growth has gone from 8.6 per cent a month ago to 9.7 per cent now. During October itself, house prices rose by 1.1 per cent, following last month's decline of 0.9 per cent.
"House prices in the three months to October were 2.8 per cent higher than in the previous three months. This was slightly above the average of 2.5 per cent on this measure over the first nine months of the year” explains Halifax housing economist Martin Ellis.
“Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015. Strengthening demand is filtering through in to higher sales levels although the ongoing shortage of supply is acting as a significant constraint on activity” he says.
“The imbalance between supply and demand is likely to persist over the coming months, maintaining upward pressure on house prices.”
The Halifax data appears in line with the findings of Connells, the agency chain which has reported that its prices rose by an average of around three per cent in the third quarter of the year, with another two per cent expected by the end of December.
Its new home sales have been particularly strong - they are running 40 per cent higher than 2014.
Meanwhile Savills is the latest high-end agency to give its forecast for the housing market in 2016 and following years.
It says that overall the scale of interest rate rises will dictate the pace, distribution and sustainability of house price growth, but it anticipates that average UK prices will rise 17 per cent by the end of 2020, but with big regional variations.
For example, the south east of England will see price rises of 21.6 per cent in that time while the north east will see increases of only around 12.0 per cent. London prices rill rise 15.3 per cent on average by the end of 2020 but with some outer areas - notably Walthamstow and Lewisham - outperforming the higher-value inner areas.
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This is scary!
I would personally like to see the figures broken down, Scotland, England should be seperate and I think you would see a huge difference. The home report in Scotland is keeping prices lower regardless of the availabilty of properties.
Halifax up to its old tricks again manipulating stats to get into the news.
May be true, Richard. But doesn't every firm that publishes stats do exactly the same thing?
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