10/30, 8:00 AM (Source: TeleTrader)
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UK annual house price growth up to 5.8% in October

The United Kingdom's annual housing price growth was at 5.8% in October, up by 0.8 percentage points compared to September's increase to reach its highest level since January 2015, the Nationwide House Price Index showed on Friday.

The average house price in October landed at £227,826, climbing from £226,129 recorded in the month prior to a new all-time high.

"The outlook remains highly uncertain and will depend heavily on how the pandemic and the measures to contain it evolve as well as the efficacy of policy measures implemented to limit the damage to the wider economy. Behavioural shifts as a result of Covid-19 may provide support for housing market activity, while the stamp duty holiday will continue to provide a near term boost by bringing purchases forward," Nationwide's Chief Economist Robert Gardner said in a statement.

Breaking the News / GA