UK Housing Market Defies Expectations with Rising Prices

British house prices saw a notable increase of 0.3% in October following a 0.5% rise in September, as reported by Nationwide Building Society. Yearly, prices have risen by 2.4%, surpassing economists' predictions of no monthly change and a 2.3% annual growth.

In a surprising development, British house prices experienced an uptick of 0.3% in October, continuing the upward trend observed in September when prices rose by 0.5%, according to a Friday report by Nationwide Building Society.

The building society noted that year-on-year, the country's house prices had grown by 2.4%, which is a significant increase compared to September's 2.2% rise.

Economists surveyed by Reuters had predicted stagnant monthly growth and anticipated a 2.3% increase over the year, but the actual figures have exceeded these expectations.

(With inputs from agencies.)