UK housing market in recovery

British house prices have risen for the third consecutive month, driven by increasing demand and a lack of supply.

According to the Halifax division of Lloyds Banking Group, house prices climbed 1.6 per cent to an average of 163,533 ($300,000).

“The combination of increased demand and a low level of properties available for sale have pushed up house prices in recent months,” Halifax housing economist Martin Ellis said.

House prices rose 2.8 per cent between July and September - the first quarterly increase in two years.