House prices in biggest rise for more than a year

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

However, they were still down sharply on a year ago, the UK's biggest building society said.

The rise in prices was most likely due to there not being enough properties to meet demand, it said.

However, activity in the housing market is still "extremely weak", it added, as buyers grapple with higher mortgage rates.

"This is not surprising as affordability remains stretched," said Robert Gardner, Nationwide's chief economist.

"Market interest rates, which underpin mortgage pricing, have moderated somewhat but they are still well above the lows prevailing in 2021," he added. He said the reason for the rise in sales prices compared with the previous month was the lack of homes on the market.The building society bases its survey data on its own mortgage lending, so the survey does not include those who purchase homes with cash or buy-to-let deals.

According to the latest available official data, cash buyers currently account for more than a third of housing sales.