• Annual house price growth picks up to 2.5%

• Modest 0.2% month-on-month increase

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "The annual rate of house price growth picked up slightly in October to 2.5%, from a revised 2.3% in September . "Nevertheless, annual house price growth remains within the 2-4% range that has prevailing since March. Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appears to be weighing on confidence. The lack of homes on the market is providing support to house prices".