House prices rise in October

UK <a href="/house-prices">house prices</a> rose 0.6 per cent in October, lender Nationwide said this morning, although values are still 0.9 per cent lower year on year.

The lender puts the price of a typical home at £164,153, a slight uptick from last month.

Robert Gardner, chief economist at Nationwide, said this morning that the annual pace of change shows “a picture of relative stability”, although monthly price changes “have failed to establish a strong trend in either direction over the past six months”.

Gardner added: “While the data on economic growth suggests that the UK economy has not been performing quite as poorly as feared, there is little doubt that it remains extremely fragile.

"The situation is likely to remain challenging in the housing market."