UK House Price Growth Slows to Lowest Since January 2024
Nationwide said higher mortgage costs and weak buyer demand are likely to keep the UK housing market under pressure.
- On Friday, Nationwide Building Society reported British annual house price growth slowed to 0.5% in October, marking the weakest pace in nearly three years as rising interest rates dampened buyer appetite.
- Geopolitical tensions following the US-Iran conflict have exerted upward pressure on energy prices, fanning inflation concerns that led financial markets to expect the BoE to raise the Bank Rate from 3.75% to 4% next week.
- Nationwide Chief Economist Robert Gardner noted that average property values stood at £273,566 in October, with prices remaining unchanged month-on-month following a downwardly revised 0.3% decline last month.
- Rising rate expectations have pushed higher the cost of fixed-rate mortgages, while consumer sentiment dipped in October as households became less confident about their financial situation in the year ahead.
- Forward-Looking indicators suggest further softness in house prices in the near term, Gardner added, though the market should regain momentum once the energy price shock eventually fades.
14 Articles
14 Articles
House prices rise at slowest rate in years as Budget ‘falls short’
House prices rose at their slowest rate since the start of 2024 in October, as property experts said the Budget failed to boost the UK’s beleaguered housing market. The average house price in the UK rose by 0.5 per cent this month to £273,566, according to Nationwide, slowed from 0.8 per cent growth last month [...]
Evening Standard
Annual house price growth slows to weakest since January 2024
Nationwide Building Society said property values grew by 0.5% in October, down from growth of 0.8% in September.
UK House Price Growth Forecast to Slow as OBR Warns of Weaker Market Activity
Independent Journalism and Public Interest Reporting. The Office for Budget Responsibility expects house prices to rise by 2.1% in 2026 and 2.5% in 2027, while higher mortgage rates and new landlord tax measures could put further pressure on the housing market. House price growth in the UK is expected to slow, with property transactions also forecast to remain below earlier projections, [...] This article was originally published by M10news. For…
House price growth slows to 0.5% in October, Nationwide finds
UK house price growth slowed further in October, with annual prices rising by just 0.5%, down from 0.8% in September, according to the latest Nationwide House Price Index. The latest figure marks the slowest annual rate of house price growth since January 2024, while prices…
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