Recovery in the UK housing market is continuing at a strong pace, according to a closely watched index, with prices in October posting gains for the fourth consecutive month.

The Halifax House Price Index registered a 1.2 per cent rise for the month, much stronger than the 0.4 per cent gain seen in the Nationwide’s index for the same period. Year on year, house prices now stand only 4.7 per cent below their levels of one year earlier, on the Halifax measure.