November 6, 2012 / 9:12 AM / 5 years ago

House prices fall at faster rate in October

LONDON (Reuters) - House prices in Britain fell at a faster rate in October as the overall economy stayed weak, lender Halifax said on Tuesday.

House prices were 0.7 percent lower than in September, Halifax said, confounding economists’ expectations for a small rise.

Prices in the three months to October were 1.7 percent lower than in the same period a year earlier, Halifax said.

“The weak economic background has been a key factor dampening housing demand this year,” said Halifax economist Martin Ellis.

“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.

Reporting by Sven Egenter; editing by Tim Castle

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