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Lender Devalues Property Prices - Guardian

Britain's biggest mortgage lender revealed today that house prices have risen by more than £11,000 in Britain since their trough in the spring following a sixth successive increase last month.

In its monthly snapshot of the housing market, the Halifax said the cost of a home rose by 1.2% in October and was 2.9% higher than at the turn of the year.

It released the figures as its parent bank, Lloyds Banking Group, said the worst was over for the UK economy. The chairman, Sir Win Bischoff, said: "The UK economy is now stabilising although we are far from having a rose-tinted view of prospects."

The data from the Halifax showed prices had risen by 7.1% since the spring, although the increase followed a 23% decline over the previous 20 months.