House prices decreased by 0.5 per cent in October, according to the latest Halifax house price index.

The standardised average house price now stands at £197,248.

Chief economist at the firm Martin Ellis stated that prices in the three-month period ending in October were 0.3 per cent higher than in the previous quarter, which continues the easing in house prices growth that has gone on since December 2006.

He added: "The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale, will continue to support house prices."

It was observed that the strength of the UK's economy and affiliated expansion in employment will provide a "sound underpinning" for the housing market in coming months.

The Bank of Scotland's most recent quarterly Scottish house price index suggests that the average price of a house in the country is £141,158.