Halifax: UK property market 'revived'

07 November 2005
House price inflation reached its highest level for six months in the three months to October, according to figures from Halifax.

UK property value remained unchanged last month but house price inflation experienced two substantial increases in August and September .

An average UK property now costs £168,210.

The outlook is rosy for house buyers, since the mortgages being approved has increased for the third month in a row.

Buyer enquiries were also up four months in a row last month.

"It appears that recently strengthening housing market activity - which has been supported by August's interest rate cut - could be starting to feed through to revive house prices," said Howard Archer, chief UK economist at Global Insight.

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