UK house prices rise for first time since March amid supply shortages

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UK house prices rose last month after a run of six monthly falls as sellers adopted a cautious attitude, leading to a shortage of homes on the market.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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07 Nov 2023

The average price of a property rose to £281,974 in October, up 1.1% from September, an increase of almost £3,000 and the first time prices have risen since March. Compared with October last year, prices fell 3.2%, smaller than the annual decline of 4.5% in September.

Kim Kinnaird, the director of Halifax Mortgages, said: “Prospective sellers appear to be taking a cautious attitude, leading to a low supply of homes for sale. This is likely to have strengthened prices in the short-term, rather than prices being driven by buyer demand, which remains weak overall.

She added: “While many people will have seen their income grow through wage rises, higher interest rates and wider affordability pressures continue to be challenges for buyers.”

Jeremy Leaf, a north London estate agent and a former Rics residential chair, said: “We are not getting carried away with the modest rise in prices shown here.