Prices are up, not because of increased demand, but due to limited supply as would-be sellers are cautious about placing their property on the market, analysts say.
After six months of falls house prices across the country are on the rise again, according to analysis from part of the UK's biggest mortgage lender. Last month, for the first time since March, the cost of buying a house increased as the number of properties on the market shrunk, according to the Halifax house price index. Despite a rise of 1.1% in October, following a 0.3% fall in September, prices are still lower than a year ago.
Read more on Sky News:Homes numbered 13 are unlucky for sellers, analysts sayZoopla says number of UK property sales on track to fall It comes as mortgage rates have fallen from the highs seen over the summer as markets settle into the expectation that interest rates have peaked. Meanwhile, the main measure of inflation - the consumer price index - stood at 6.7% in September, down from a recent high of 11% a year ago.
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