Recent figures made public by the mortgage lender Halifax have confirmed that house prices across UK have seen a 1.2% rise in the month of October. As a result, the registered annual decline rate has been the smallest the country has seen in over a year. The rise in house prices is being seen as a direct result of the lack of supply and rise in demand.

The recorded October rise in the rate of residential properties has been the fourth consecutive monthly rise, as has been confirmed by Halifax. Average price of a home currently stands at ?
165,528, which, although 4.7% lower than the figure recorded for same month last year, is definitely an improvement compared to the prices for this year.

Martin Ellis, Halifax's housing economist said, "Nationally, house prices have risen by 2.9% since the end of 2008 [and] they is now 7.1% higher than six months ago when prices reached a trough in April. Demand for houses has risen in recent months due to the very low level of interest rates, the decline in property prices since the summer of 2007 and a pick-up in consumer confidence on the back of better economic news".

The registered rise, however small, and increase in demand for homes is being viewed by analysts and economists as another strong sign of the fact that UK is now steadily emerging out of the global recession.