By Marcus Leach
According to the Halifax UK house prices rose by 1.2% in October compared with September.
However, prices have fallen over the last year by 1.8% as the housing market remained "highly resilient" despite the weakening UK economy.
The lender, part of Lloyds Banking Group, revealed that the average home in the UK was valued at £163,311.
"House prices in the three months to October were 0.3% lower than in the preceding three months," Martin Ellis, Halifax's housing economist, said.
"There was a 1.2% increase between September and October, according to the more volatile monthly figures, continuing the highly mixed monthly picture.
"Whilst there have been five monthly price rises, four falls and one month of no change, there has been little change in prices during 2011 overall.
"The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies.
"Despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010. The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate. Both prices and activity levels are expected to remain close to current levels over the coming few months."
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