Prices recover in October

Property prices picked up in October following a dip in the previous month.

That is according to the latest figures from Your Move, which show that prices increased by 1.2 per cent month-on-month.

It means that the average house price in the UK now sits at £180,353 and the rise will come as good news for homeowners.

"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," said 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 added.

The Your Move survey follows the publication of the Land Registry's House Price Index, which found that property prices increased by 0.4 per cent between August and September.

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