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UK House Prices Rising

The Halifax has reported that house prices are across the UK are rising and will continue to do so.

The Halifax has reported that house prices across the UK are rising strongly and will continue to do so in the months ahead.

The average price of a UK house is now at a new record high of £225,826.

In the year to October, prices rose by 4.5%, up from 4% in September and the fastest rise since February.

The Halifax went on to say that cheap mortgages and high employment rates were likely to continue to support house prices over the months ahead.  Also the rise in base rates, which will affect more than four million people on variable rate mortgages, was unlikely to dampen the market.

"We do not anticipate the base rate rise will be a barrier to buying a house," said Russell Galley, the managing director of Halifax Community Bank.

Public confidence in rising house prices has also fallen to its lowest level since December 2012, according to the Halifax Housing Market Confidence Tracker.

Some 50% of those questioned in the survey believe house prices will rise over the next 12 months, the lowest level since 2013.

By contrast, 20% believe that house prices will fall - the highest proportion for five years.

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