Six months of house price rises
House prices have increased for the sixth month in a row according to the Nationwide.
The building society said that house prices rose by 0.4% last month - which isn't as large as the 0.9% in September, but industry insiders are still buoyed by the sixth successive rise.
It also reported the first year-on-year rise in house prices for 19 months and that the average property value is £162,038. This is two per cent higher than a year ago and the first positive rate of change since March 2008.
Overall, the second and third quarters of 2009 have seen continual inflation in the value of bricks and mortar according Nationwide's chief economist, Martin Gahbauer. He said that the strong upward momentum in property values seen over the summer is showing some signs of moderating.
He added that stabilised house price expectations have driven more sales as purchases are brought forward, although the Royal Institution for Chartered Surveys (RICS) has warned that the end of the stamp duty holiday on properties of £175,000 or less could have a negative impact, especially on first-time buyers.
In the coming days, Halifax will release its average property prices for October. Monthly figures from this organisation tend to place a higher value on UK homes than Nationwide's estimates.