Halifax has revealed that during the three months to October, house prices were 9.7% higher than in the same period last year - higher than September's 8.6%, and the highest since August 2014.
Average House Prices were 2.8% higher than in the previous three months, slightly above the average of 2.5% seen in 2015.
House prices continue to increase, 9.7% on an annual basis according to HalifaxOn a monthly basis, house prices rose by 1.1% between September and October, following last month’s 0.9% decrease.
Property transactions increased by 1% between August and September, to 106,030 - the second successive monthly rise. Sales in the three months to September were 4.4% higher than in the preceding three months.
Mortgage approvals are also continuing an upward trend, despite falling in September. The volume of mortgage approvals for house purchases increased by 4% between
Q2 and Q3 despite a 2.5% decline in September. Approvals in the three months to September were 10% higher than in the same three months last year.