House Prices See Biggest Monthly Rise For More Than A Year
House prices had the biggest monthly rise in October for more than a year, according to the Nationwide.
However, they were still down sharply from a year ago, the UK's biggest building society said.
The 0.9% rise in prices was most likely due to there not being enough properties to meet demand, it said.
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."
On an annual basis, the price of an average home fell 3.3% in October to £259,423 - down from £268,282 a year earlier.
However, prices are still much higher than before the Covid pandemic, which sparked a mini-housing boom as people sought more space, enjoyed historically low mortgage rates, and benefitted from a stamp duty holiday.
The average cost of a UK home in October 2019 was £215,368, according to Nationwide.