LONDON (Reuters – British property prices increased for the fourth consecutive month in October, the latest indication of strong momentum within the housing market. Halifax mortgage lender said this Friday.

Halifax stated that October saw a 0.9% increase in house prices, following September’s 1.7% gain.

The average home price rose 8.1% to 270,027 Pounds ($364,374). This is the highest annual growth rate in four months.

Halifax predicted that future increases in borrowing costs would dampen the demand, even though the Bank of England didn’t raise interest rates Thursday like many investors anticipated.

Russell Galley (managing director at Halifax) stated that “Despite this, borrowing costs are likely to be lower than historical norms and it is unlikely that many will have trouble raising a deposit.”

“The continued low supply of properties on the market may reduce the effect on property prices.”

Similar to other countries, Britain saw a stampede of larger houses in areas outside the city centre during the COVID-19 epidemic, which drove prices up. This boom was fueled by temporary tax cuts on property acquisitions.