Property’s ‘quiet resilience’ as house prices keep rising

HOUSE prices rose for a second consecutive month, as buyers remained resilient amid growing tax rise speculation in the upcoming Budget.

- By Maisie Grice

The average value of a house increased 0.3% to £272,226 in October, according to Nationwide’s latest housing pricing index. Prices were 2.4% higher than last year, following growth of 2.2% in September.

Nationwide’s chief economist Robert Gardner said: “Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgages are more than double the level they were before Covid struck and house prices are close to all-time highs.”