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Friday, 3 November, 2000, 08:04 GMT
House prices slip
A househunter looks at properties for sale
Property prices have slowed their rises
Property prices dropped in October, according to the UK's largest mortgage bank, the Halifax.

The monthly survey suggests a 0.4% fall in the month, bringing the year-on-year rise down to 5.7%.

But despite the fall, Halifax said prospects for the UK residential housing market remain bright.

"Housing demand should be underpinned by a favourable economic and affordability background," it said.

House price inflation has slowed recently after a boom over the second half of 1999 and beginning of this year. Annual house price inflation rose to 16% in January.

Data conflict

The Halifax figures contrast with data from the Nationwide which reported a 0.9% rise in prices in October.

The Nationwide reports average prices now 9.9% higher than the same period a year ago.

The average price of a house was 86,121, according to Halifax, compared with the Nationwide's average price of 81,036.

Halifax said the weaker year-on-year rise in October largely reflected a strong rise in prices in the same month last year, when prices jumped 3.2%.

Nationwide said its October rise, which had followed an increase in September but two modest falls in July and August, was evidence the market was pausing for breath after the price surge around the millennium.

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See also:

01 Nov 00 | Business
Property prices creep up
02 Oct 00 | Business
Property prices edge higher
28 Sep 00 | Business
North-south divide confirmed
22 Sep 00 | Business
Concern grows over 'sellers' packs'
05 Sep 00 | Business
Housing market cools
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