Housing costs build in England

ENGLAND and Wales house prices rose 0.4% in October, matching the previous month’s gain, a survey of real estate agents showed.

The average cost of a home rose 0.4% to £145,900 (€246,900), according to property website Hometrack, which collects data from about 3,500 estate agents. In February, prices also rose 0.4%, a gain not exceeded since October 2002.

Strong house-price growth may encourage homeowners to keep borrowing after mortgage lending rose to a record in September. Some members of the Bank of England’s rate-setting committee, including Governor Mervyn King, have expressed concern about high debt levels.