Halifax: UK house prices still rising

<p>House prices in the UK are still on the up.</p>

House prices in the UK are continuing to rise, according to a new report from Halifax.

The latest house price index released by the company shows property prices were up by 0.7 per cent in October compared with the previous month.

It was also revealed in the report that property values in the UK are 6.9 per cent higher than this time last year.

Martin Ellis, housing economist for the lender, stated that the increasing evidence a sustainable economic recovery may be underway is among the reasons for rising prices.

He explained record low interest rates in the UK are also contributing, while consumer confidence has been growing as well.

Halifax added rising demand from potential buyers has increased activity in the housing market, as well as putting an "upward pressure" on prices.

Data released by the Office for National Statistics recently showed UK house prices are now up to a record high, eclipsing the records set before the recession.

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