UK house prices rise for first time since March amid supply shortages

Market likely to fall in short term amid high interest rates and living cost pressures, says Halifax

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UK house prices rose last month after a run of six monthly falls as sellers adopted a cautious attitude, leading to a shortage of homes on the market.

The average price of a property rose to 281,974 in October, up 1.1% from September, an increase of almost 3,000 and the first time prices have gone up since March. Compared with October last year, prices fell 3.2%, smaller than the annual decline of 4.5% in September.