UK Property Prices Rise by 2.8% in October

UK property prices rose by 2.8% this month, but the situation on the market is not as good as it seems to be.

The latest overview of the British property market performed by UK estate agency revealed that house prices in the country rose in October as compared to September.

This month, an average property in Great Britain was priced 2.8% higher than in September and 1.2% higher than in October 2010. Let's remind that last month property prices were only up by 0.7%.

Commenting on the findings, spokesperson for the estate agency, said that "the headline increase masked a widening gap between the north and south of England." As such, on a regional basis, UK house prices were 4.7% up in the South and 0.7% down in the North. An average property in the South was priced at 336 750 pounds, while an average house in the North was 2 times cheaper, priced at 164 350 pounds.

The research by the estate agency is based on the analysis of almost 100,000 properties carried out in September-October 2011.

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