The average value of a UK house increased to £162,038 after six months in a row of rises, helping prices grow year-on-year by 2% in October, according to the Nationwide Building Society.

The rise was the first year-on-year increase since March 2008.

But the data showed a slowdown in the monthly pace of increase following the buoyant summer months, down from 0.9% in September and 1.4% in both July and August.

The Nationwide Building Society said the ease in monthly growth may signal that more properties are coming on to the market.