Schemes boost house prices

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House prices are rising at their fastest rate in three years as the Chancellor's mortgage subsidy scheme and the Bank of England's cheap lending policy stoke confidence in the property market, the Nationwide Building Society said yesterday.

Average prices rose 5.8 per cent on a year earlier in October, after a 5 per cent rise in September.

"The ability to buy has been supported by continued gains in employment and policy measures such as the Help to Buy and Funding for Lending schemes," Nationwide's chief economist Robert Gardner said.