LONDON (Reuters) -British house prices rose in October, lender Nationwide said on Friday outpacing forecasts by economists and adding to signs of demand in the housing market in the run-up to finance minister Rachel Reeves’ budget which is likely to include tax increases.

Nationwide said its house price index increased by a monthly 0.3% after rising by 0.5% in September.

House prices were 2.4% higher than a year earlier, speeding up from an annual increase of 2.2% in September, it said.

Economists polled by Reuters had on average forecast no change in prices in monthly terms and a 2.3% annual increase.

“Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than doubl

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