LONDON (dpa-AFX) - UK house prices continued to increase at a stronger pace in October, data from Nationwide Building Society showed on Wednesday.
House prices grew 9.9 percent year-on-year in October, following a 10 percent rise in September. Economists had forecast the growth rate to ease to 9.3 percent.
On a monthly basis, house prices advanced 0.7 percent after rising 0.2 percent in September. Prices were expected to climb 0.4 perceent.
The price of a typical UK home has passed the GBP 250,000 mark, an increase of GBP 30,728 since the pandemic struck in March 2020.
The outlook remains extremely uncertain, Robert Gardner, Nationwide's chief economist, said.
'If the labour market remains resilient, conditions may stay fairly buoyant in the coming months - especially as the market continues to have momentum and there is scope for ongoing shifts in housing preferences as a result of the pandemic to continue to support activity,' Gardner added.
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