In the last quarter they have fallen 1.7% and the average house now costs £158,426, the data also shows.
The data also shows that there has been a modest rise in mortgage approvals. The industry wide number of mortgages approved to finance house purchase, a leading indicator of completed house sales, increased for the third successive month in September. Approvals increased by 4% to 50,000 in September, but were still 2% lower than in September 2011.
‘Signs of a modest deterioration in the trend in house prices continued in October. Prices in the three months to October were 1.2% lower than in the preceding three months,’ said Martin Ellis, Halifax housing economist.
‘The weak economic background has been a key factor dampening housing demand this year. Recent encouraging developments relating to the level of overall economic activity and conditions in the labour market, however, may help to support demand and underpin house prices around current levels over the coming months,’ he added.
