House prices up 1.8% in October

The average cost of a home went up by 1.8% last month which was an improvement on September’s record fall of 3.7%. This means the average price of a house is currently £164,919 compared to £10,256 in April 2009. The quarter-on-quarter change, which provides a clearer indication of the overall market trends, showed a rapid increase in the rate property prices are dropping. In the three months to October, house prices dropped 1.2% in value, which is the biggest quarterly decline since July 2009. However, this is significantly lower than the quarterly decline of more than 5%, dur...