Halifax has reported that house prices in the last three month were 2.3% higher than in the previous three months.

This is the fastest price growth, on this measure, since January.

Prices in the three months to October were 4.5% higher than in the same three months a year earlier. The annual rate in October is higher than in September (4.0%) and at its highest growth rate since February.

Meanwhile, house prices rose by 0.3% between September and October, following a 0.8% increase in September. The average price of £225,826 is the highest on record and 2.8% higher than in January (£219,741).

Russell Galley, managing director, Halifax Community Bank, said: “The annual rate of growth has continued to rise for the third month in succession, rising from 4.0% in September to 4.5% in October. The average house price is now £225,826 – exceeding last month’s previous high. House prices in the three months to October were 2.3% higher than in the previous quarter, the fastest quarterly increase since January.

“The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months. Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand. That said we do not anticipate the Base Rate rise will be a barrier to buying a house.”

Jeremy Duncombe, director of Legal & General Mortgage Club, added: “The punitive cost of Stamp Duty coupled with year-on-year house price growth means that the route to homeownership is not getting any easier. Those looking to step onto the property ladder are left with little choice but to either borrow larger sums of money or face staying as Generation Rent for the foreseeable future.

“With the Autumn Budget fast approaching, we await to see what the government will focus on. Until the long overdue thousands of new homes are built and Stamp Duty for both first-time and last-time buyers is reconsidered, the housing market will continue to exclude large groups of people.”