Another house price index published for mortgage holders

04 November 2009

Written by Michael Aglony

Property prices in the UK rose 1.2 per cent between September and October to reach an average of £165,528, according to Halifax.

The financial services provider is the third organisation in the last week to release official data on the value of bricks and mortar.

Mortgage holders recently learned from the Land Registry that the average home in England and Wales cost just under £160,000 in September, while Nationwide Building Society estimated the typical UK property to be worth £162,038 in October.

Although each assessment indicates a different average value, mortgage holders can see that they all have one thing in common - prices are on the up.

Buy to let mortgage holders may be encouraged by this trend and look to add to their portfolios, while other homeowners could note the encouraging market conditions and put their residences up for sale.

Explaining the recent data, housing economist at Halifax Martin Ellis said: "Demand for houses has risen in recent months due to the very low level of interest rates, the decline in property prices since the summer of 2007 and a pick-up in consumer confidence."

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