Private landlords and other homeowners may have seen the value of their properties increase in September, new research suggests.

According to the latest Halifax House Price Index, the average cost of a home in the UK during the month was £163,533.

This was 1.6 per cent up on the figure recorded in August and represented the third successive monthly property price rise.

Halifax housing economist Martin Ellis said that increased demand for property and a low level of homes on the market has contributed to the inflation in what UK residences are worth.

"The marked improvement in affordability due to the reduction in both property prices and interest rates since mid-2007 has been a key factor in stimulating higher demand, he added.

Nationwide Building Society's price index also noted that the value of bricks and mortar increased in September, but it estimated that the typical price of a UK home was slightly lower, at £161,816.

Written by Mark Garner
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