UK annual house price growth slows to its weakest since January 2024
Annual house price growth in the UK slowed to its weakest pace in more than two years in October, as economic uncertainty and rising mortgage costs weighed on the housing market, figures from Nationwide showed on Friday.
House prices rose 0.5% in October, down from 0.8% in September, marking the weakest increase since January 2024.
On a seasonally adjusted monthly basis, house prices were unchanged in October, following a 0.3% decline in September which was revised down from a 0.2% fall. The FXStreet-cited consensus was for a 0.2% decline in October.
The average UK house price stood at £273,566 in October, down from £274,251 in September on a non-seasonally adjusted basis.
Nationwide Chief Economist Robert Gardner said: "Market activity and house price growth have slowed in recent months, in part reflecting the uncertain economic backdrop."
He noted that geopolitical tensions and the conflict in the Middle East have pushed energy prices higher, fuelling inflation concerns and expectations of Bank Rate increases, which have put upward pressure on mortgage pricing.
Looking ahead, Gardner warned that weak buyer enquiries and deteriorating consumer confidence point to further near-term softness.
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