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The Nationwide Building Society released its house prices data for the U.K. on Thursday. UK house prices were up 0.6% in October, exceeding expectations for a 0.5% rise, after a 0.5% increase in September.
On a yearly basis, house prices rose to 3.9% in October from 3.8% in September. Analysts had expected house prices to rise by 3.8%.
"Over the past five months annual price growth has remained in a fairly narrow range between 3% and 4%, broadly consistent with earnings growth over the longer term. While this bodes well for a sustainable increase in housing market activity, much will depend on whether building activity can keep pace with increasing demand," Nationwide's chief economist, Robert Gardner, said.
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