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"The housing market has proved highly resilient in recent months"
- Martin Ellis, an economist at Halifax
U.K. house prices increased for the first month in three to an average of 163,311 pounds, said the Halifax Bank of Scotland on Monday. Prices rose 1.2 percent in October, compared to September, when they declined 0.3 percent.
"The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the U.K. and global economies," said Martin Ellis, an economist at Halifax. "Both prices and activity levels are expected to remain close to current levels over the coming few months."
"Overall, housing-market conditions have been broadly unchanged since the end of 2010," Halifax said. The number of purchases has been "largely static over this period."