U.K. house prices rebounded at a faster than expected pace in October, survey data from the Lloyds Banking Group’s Halifax division revealed Thursday.
House prices increased 1.1 percent in October from a year ago, reversing a 0.9 percent drop in September. Economists had forecast only 0.6 percent increase for October.
Prices in the three months to October were 9.7 percent higher than in the same three months a year earlier. It was faster than a 8.6 percent rise seen in September and the 9.5 percent growth forecast by economists.
On a sequential basis, house prices increased 2.8 percent versus 2 percent rise in three months to September.
Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015, Martin Ellis, Halifax housing economist, said.
Ellis noted that the imbalance between supply and demand is likely to persist over the coming months, maintaining upward pressure on house prices.
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