UK house prices rise 12.6% y/y in October

British house prices increased by 12.6% year-on-year in October, the Office for National Statistics (ONS) said on Wednesday, pushed up in part by a sharp fall in the same month last year after changes to the stamp duty property tax.

The increase was higher than September’s 9.9% rise.

More recent measures of Britain’s housing market have shown property prices falling in month-on-month terms after a surge in overall inflation hit households finances and interest rates rose.