House prices continued to rise in October, by 1% over the month, to stand at 5.8% higher than last October.
Despite the rise, the average UK house price is now £173,678, which Nationwide says is around 7% below the 2007 peak.
Robert Gardner, Nationwide’s chief economist, said: “House price growth has accelerated as buyer demand has picked up more quickly than the supply of homes.
“The risk is that if demand continues to strengthen while the supply of property remains constrained, affordability could become stretched.
“Indeed, average wages have continued to decline in real terms even though employment growth has been fairly robust in recent years.”
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