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| UK house prices up 3.9% in a year, says Nationwide | UK house prices up 3.9% in a year, says Nationwide |
| (34 minutes later) | |
| UK house prices rose by 3.9% in October from a year earlier, the Nationwide has said in the first estimate of property prices for the month. | UK house prices rose by 3.9% in October from a year earlier, the Nationwide has said in the first estimate of property prices for the month. |
| Property values were up by 0.6% compared with September, the building society said, putting the cost of the average home at £196,807. | Property values were up by 0.6% compared with September, the building society said, putting the cost of the average home at £196,807. |
| It said the annual pace of change had been "broadly consistent" with wage growth. | It said the annual pace of change had been "broadly consistent" with wage growth. |
| But it warned house building needed to keep pace with increased demand. | But it warned house building needed to keep pace with increased demand. |
| Various surveys have suggested that house prices continue to rise, primarily as a result of a lack of properties going onto the market but also owing to a shortage of new homes being built. | Various surveys have suggested that house prices continue to rise, primarily as a result of a lack of properties going onto the market but also owing to a shortage of new homes being built. |
| On Wednesday, the Land Registry said that the typical house price in London in September was very close to £500,000. | On Wednesday, the Land Registry said that the typical house price in London in September was very close to £500,000. |
| Analysis: Kamal Ahmed, BBC business editor | Analysis: Kamal Ahmed, BBC business editor |
| The Prime Minister said he wanted a "national crusade to get homes built". | The Prime Minister said he wanted a "national crusade to get homes built". |
| The first set of significant house building figures since then have just been published. | The first set of significant house building figures since then have just been published. |
| They are from the National House Building Council - which provides building certificates for new homes. | They are from the National House Building Council - which provides building certificates for new homes. |
| And they make for pretty gloomy reading. | And they make for pretty gloomy reading. |
| Read more from Kamal | Read more from Kamal |
| Interest rate effect | Interest rate effect |
| Robert Gardner, Nationwide's chief economist, said that economic conditions had aided affordability levels. | Robert Gardner, Nationwide's chief economist, said that economic conditions had aided affordability levels. |
| "Historically low interest rates have helped to offset the negative impact of rising house prices on affordability," he said. | "Historically low interest rates have helped to offset the negative impact of rising house prices on affordability," he said. |
| "Indeed, even though house prices are at an all-time high, the cost of servicing a typical mortgage is still close to the long-term average as a share of take-home pay." | "Indeed, even though house prices are at an all-time high, the cost of servicing a typical mortgage is still close to the long-term average as a share of take-home pay." |
| The number of mortgages approved for house purchases dropped slightly in September, according to figures from the Bank of England. | The number of mortgages approved for house purchases dropped slightly in September, according to figures from the Bank of England. |
| The total fell from 70,664 in August to 68,874 in September, but this was higher than the average of the previous six months of 66,900. | The total fell from 70,664 in August to 68,874 in September, but this was higher than the average of the previous six months of 66,900. |
| The cost of renting a home has increased much faster than general inflation, although not as quickly as property prices, figures from the Office for National Statistics (ONS) show. | |
| Private rental prices paid by tenants in Britain rose by 2.7% in the year to September. | |
| This included a 2.8% rise in England, a 1.6% increase in Scotland and a 0.5% rise in Wales. | |
| Rental prices increased in all the English regions over the year, with tenants seeing the fastest rise of 4.1% in London. |