Home sales will "jump" at the beginning of next year as people try to buy before the rise in stamp duty, one of the UK's biggest lenders has predicted.

People buying a house for the first time are spending about 37% of their take-home pay on mortgage payments, according to the Nationwide.

House price growth was "subdued" last month as higher mortgage rates affected affordability, the Nationwide has said.

Property prices have risen on an annual basis for the first time in a year, according to Nationwide, but are still below their peak.

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

UK house prices dropped at their fastest annual rate for 14 years in July, according to Nationwide.

UK house prices rose by 0.5% in April after seven consecutive months of falls, according to the Nationwide building society.

UK house prices fell by 1.1% in the year to February, as higher mortgage rates and living costs made homes less affordable.

UK house prices rose by 10% in the year to August, the Nationwide has said, despite pressure on buyers' budgets.

UK house prices have risen by 12.1% in the past year but the rate of increase is set to slow, according to the Nationwide Building Society.