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News - 11 November 2011

House prices rise 1.2% in October.

House prices leapt 1.2 per cent last month to continue a highly mixed pattern of price movements this year, the Halifax has reported.

In its October housing market report, the lender found that the average UK property is now worth £163,311, marginally higher than at the end of 2010.

The market has followed a mixed pattern so far this year according to the Halifax, with five monthly rises, four falls and one month of no change at all.
Halifax housing economist Martin Ellis said that the prospect of lower Bank of England interest rates, which still remain at a historic low level, will continue to support the market.

In other surveys, analysts have painted a bleak picture of the UK house market in coming year. Many economists see house prices in Britain falling in the months ahead as the country teeters on the brink of recession.       

Howard Archer, chief UK economist at IHS Global Insight believes house prices will spiral downwards. He said that while October's performance was a surprise, he expects prices to fall by 5 per cent from current levels by mid-2012.

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