House prices up 1.2pc in October

UK house prices edged up by 1.2 per cent in October compared with September, but have fallen over the last year, according to the Halifax.

The lender said that values had fallen by 1.8 per cent compared with a year ago.

It said that the housing market had remained "highly resilient" despite weakness and a bleak outlook for the UK economy.

The average home in the UK was valued at £163,311, the Halifax said.