UK House Price Inflation Accelerates In October

However, Gardner said that the proportion of United Kingdom borrowers directly impacted by a rate rise would be smaller than in the past, because the share of outstanding mortgages on variable rates was at a record low of 40%, compared with a peak of 70% in 2001.

Values increased 0.2 per cent from September and were up 2.5 per cent compared with a year earlier.

House prices in the United Kingdom saw a "slight" pick-up in growth last month, rising 0.2pc between September and October, according to Nationwide.

Gardner noted the increasing likelihood of a rate rise tomorrow, but said he expects this to have a "modest" impact on most United Kingdom households.

Britain's biggest building society said that house prices rose by 2.5 per cent in the year to October, up from a rate of 2.3 per cent in September. Analysts polled by Reuters had predicted house price inflation would slow to 2.2 percent.

The small rise in prices is due in part to high employment and low mortgage rates, as well as a lack of housing supply.

Demand for property could take a further hit this week if the Bank of England increases the Bank Rate for the first time in 10 years.

Moreover, he said a quarter point increase in rates is likely to have a modest impact on most borrowers who are on variable rates.

But Mr Gardner also stressed that this does not necessarily mean that a rate increase would be welcome news for borrowers. However, prices are being held back by the squeeze on household incomes, keeping the rate of growth in a narrow range.

Economists at the forecasting group EY Item Club said United Kingdom house price growth was likely to remain subdued for the remainder of 2017, and rise by about 2%-3% in 2018.

Howard Archer, chief economic adviser to the EY ITEM Club consultancy, said he was sceptical about the prospect of any marked upturn in the housing market.

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