US EditionUK house prices rise in October, defying pre-budget nerves
UK house price growth slowed to 0.3% in October amid budget uncertainty and a cooling jobs market, with annual prices up 2.4%, Nationwide said.
- Last month, Nationwide Building Society said UK house price growth fell to 0.3% from 0.5%, with the average price reaching �272,226 in October.
- Market sources say, amid Budget uncertainty, buyers adopt a wait-and-see stance, with Zoopla noting fewer sales above 500,000 and Jackson-Stops flagging caution for properties over 2 million.
- HMRC figures showed seasonally adjusted house sales rose 1% between August and September, while Bank of England approvals hit a nine-month high as borrowing costs eased.
- Analysts expect a pick-up in activity once the Budget is passed and economists say prevailing conditions should support the market, while the Bank of England will decide on rates next week, mostly holding at 4%.
- Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said house prices remain subdued but will rise slowly over the coming months, while Robert Gardner noted affordability may improve if incomes outpace price growth.
20 Articles
20 Articles
House Price Growth Slips Back Amid Subdued Buyer Confidence, Nationwide Says
UK house price growth has fallen month-on-month in October, according to figures from Nationwide Building Society, as experts said budget uncertainty and a cooling jobs market is weighing on buyer confidence. Nationwide said UK house price growth fell month-on-month in October to 0.3% from 0.5% in September. Property values lifted 2.4% on an annual basis, up from 2.2% year-on-year growth last month, taking the average UK house price to £272,226 …
UK house prices rise in October, defying pre-budget nerves
British house prices rose in October, lender Nationwide said on Friday outpacing forecasts by economists and adding to signs of demand in the housing market in the run-up to finance minister Rachel Reeves' budget which is likely to include tax increases.
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