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.
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UK Nationwide House Price Growth Softest Since 2024
UK house prices grew at the slowest pace since the start of 2024 as rising interest rate expectations weighed on the property market in October, data published by Nationwide Building Society showed Friday. House prices grew only 0.5 percent in October from the previous year. This was weaker than the 0.8 percent rise in September and economists' forecast of 0.6 percent.
In the UK, in October, the British Mortgage Society reported a 0.5% annual return, at a minimum rate since January 2024, to NationalWide Building Society.
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.
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