House prices rose 0.9% in October, which was the biggest monthly rise for more than a year. It was the first time that house prices have increased since April and was the largest increase since March 2022.
This was a pleasant surprise, given that Analysts had expected prices to fall by 0.4%. The unexpected rise has been attributed by many to the lack of housing availability in the market.
Nicky Stevenson, managing director at estate agent group Fine & Country, said the recovery in house prices in October was boosted by a pause in interest rates in September.
In other good news, the Bank of England Monetary Policy Committee confirmed that interest rates will stay at 5.25%.
Mortgage brokers are anticipating an improvement in the fixed-deal mortgage rates. HSBC and Barclays have already reduced their fixed rates this week, and there could be further cuts from other lenders to come.
For more information, see https://www.bbc.co.uk/news/business-67282657