House prices up 1.2% in October, says Halifax

UK house prices rose by 1.2% in October, according to the Halifax - the fourth consecutive monthly rise in the lender's index.

The average price increased to £165,528 during the month, said the lender.

The index in October was 7.1% higher than six months ago when prices hit bottom in April, but still 4.7% lower than a year earlier.

The Halifax attributed the rise to the combination of shortage of supply and a rise in demand, driven by low interest rates and increased consumer confidence on the back of recent improvement in the wider economic outlook.