Source: Sharecast
According to the latest house price index from Halifax, prices rose by 0.6% last month, reversing a 0.3% decline in September.
The biggest monthly increase since January, it was comfortably above forecasts for an 0.1% increase.
On an annual basis, house prices were 1.9% higher, compared to September’s 1.3% uplift. The annual increase was also above consensus for 1.45%.
The average property price now stands at £299,862.
Amanda Bryden, head of mortgages at Halifax, said: "Demand from buyers has held up well coming into autumn, despite a degree of uncertainty in the market, with the number of new mortgages being approved recently hitting its highest level so far this year.
"There is no doubt that affordability remains a challenge for many.
"Rising costs for everyday essentials are also squeezing disposable incomes.
"Even so, while there has been some volatility, the market has proven resilient over recent months, as many buyers opt for smaller deposits and longer terms to make the numbers work."
Matt Swannell, chief economic advisor to the EY Item Club, said: “There have been two distinct phases to the housing market through most of the year.
“In the run up to April’s change in Stamp Duty thresholds, some purchases were brought forward to beat the deadline before a lull in activity. But over the summer, the normal drumbeat has returned to the housing market.
“With the effects of the change now in the rear-view mirror, the housing market will likely be shaped by fundamental factors, like mortgage rates and affordability.”
