UK house prices climb at their fastest pace since February

British house prices rose in the three months to October at their fastest pace since February and the Bank of England’s interest rate hike is unlikely to offset the impact on prices from a lack of homes for sale, mortgage lender Halifax said.

House prices increased by an annual 4.5% in the August-October period, picking up speed from a 4% increase in the three months to September, Halifax said.

It was the third month in a row that the pace of house price increases gathered pace in the UK, suggesting that a dip after last year’s Brexit vote has bottomed out. The Halifax house price index had been rising by as much as 10% a year before the referendum before slowing to just over 2% in July this year.