House prices up in October says DCLG

House prices rose by 0.1 per cent in October, figures from the Department for Communities and Local Government (DCLG) have shown, though analysts have suggested that the lagging data does not contradict reports of a slump in prices.

The average price of a home in the UK is now £220,195, according to the DCLG, up from £220,111 in September.

Yet most indices have reported price falls for November, and Global Insight has suggested that the underlying trends remain less positive.

"The Department of Communities and Local Government (DCLG) reported that annual house price inflation rose back up to 11.3 per cent in October, having previously moderated to 10.8 per cent in September and a 28-month high of 12.3 per cent in July," said Howard Archer from Global Insight.

"However, the DCLG data do not significantly undermine belief that housing market activity and prices are now cooling markedly in the face of tighter lending practices and stretched affordability pressures," Mr Archer added.

Earlier this month Nationwide reported that house prices fell by 0.8 per cent.

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