HOUSE PRICE GROWTH RETURNS IN OCTOBER DUE TO ‘CONSTRAINED SUPPLY’ OF PROPERTIES Nationwide Building Society’s monthly index showed a 0.9% rise last month
House prices rose at their fastest monthly pace since August last year during October, according to a report that cited “constrained supply” of stock in the market.
Nationwide Building Society’s monthly index showed a 0.9% rise last month when compared to September’s flat performance, taking the annual rate to -3.3% from -5.3%.
While Nationwide said a lack of properties had driven the turnaround, others credited the recent shift in policy at the Bank of England.
Values have been hurt this year due to the impact of the continuing cost of living crisis and surge in borrowing costs imposed by the Bank to tackle inflation.