Property price boost for homeowners

Posted: 29 Oct 2007 10:50:14 GMT

Property prices increased in October as confidence returned to the market following a period of turmoil in September.

Property prices increased in October as confidence returned to the market following a period of turmoil in September.

According to the latest house price index from Your Move, the average house in the UK is now worth £180,353, signalling a monthly increase of 1.2 per cent.

It is good news for homeowners, many of whom may have been concerned by events in recent weeks.

"September saw a dip in agreed prices - a direct reflection of the impact of US sub-prime chaos on confidence in the UK marketplace coupled with successive interest rate rises and the confused introduction of Hips," commented David Newnes, managing director of Your Move.

"But agreed prices have picked up in October with a rise of 1.2 per cent - an annualised growth rate of 14.6 per cent.

"Compared with the year-on-year rate of growth (2.8 per cent), confidence among sellers in the residential property market is clearly up this month," he continued.

The Land Registry recently released its House Price Index for September, revealing that property prices increased by 0.4 per cent month-on-month.

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