UK prices up 9.7% year on year

UK house price has got increased by 1.1% between September and October and up 9.7% year on year, according to a latest report. This means that the average house price is now over £200,000 at £205,240, says a lender data and the report says that house price confidence remains high.

Expert says: “House prices over the three months from August to October with growth of 2.8% were higher than in the preceding three months and the quarterly rate of change increased from September’s 2% which was 2.5% more than the average over the first nine months of the year. There has been an increased home sale in last month, UK home sales increased by 1% between August and September to 106,030 being a second successive monthly rise. Approvals are also in rising phase on comparing with the last few months. Despite of the decline approvals has increased by 4%. Improved house finance and economic condition with attractive lower mortgage rates boosted the demand which in turn lead to higher sales.”

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