UK house prices up

UK house prices experience biggest rise in over a year

House prices had the biggest monthly rise in October for more than a year, according to the Nationwide Building Society.

However, they were still down sharply on a year ago, the UK’s biggest building society noted. The rise in prices was most likely due to there not being enough properties to meet demand.

However, activity in the housing market is still extremely slow, as buyers struggle with higher mortgage rates.

Interest rates, which underpin mortgage pricing, have moderated recently but they are still well above the lows of 2021. The Bank of England has raised interest rates from lows of around 0.1% to 5.25% in its inflation battle.

UK inflation is over 6.5% – the target is 2%.

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