The price of a typical UK home has exceeded £250,000 for the first time, according to Nationwide’s house price index.

Prices rose by 0.7% in October compared with the previous month, meaning that the value of the average house in Britain now stands at £250,311.

Over the past 12 months, prices have risen by 9.9%, slightly below the 10% year-on-year growth recorded in September, but ahead of economists’ predictions.