Average UK house price is £273,566 in October, Nationwide says
Annual growth slowed to 0.5%, the weakest since January 2024, and prices were flat on the month once seasonal factors were taken into account.
The average UK home cost £273,566 in October, according to Nationwide, compared with £274,251 in September before seasonal adjustment. Allowing for the time of year, prices did not move on the month.
Over the year, prices rose by 0.5%. That is down from 0.8% in September and the slowest annual growth since January 2024.
Nationwide's chief economist Robert Gardner linked the slowdown to the uncertain economic backdrop. He said conflict in the Middle East had pushed up energy prices and worries about inflation, which in turn raised market expectations of Bank Rate increases and kept upward pressure on the market rates behind mortgage pricing.
The Bank of England has held its rate at 3.75% this year. Its next decision comes next week.
The months ahead
Gardner expects a soft few months. Surveyors are reporting weak new buyer enquiries, he said, and households became noticeably less confident in October about both the economy and their own finances.
He was more upbeat further out. Once the energy shock fades he sees good reasons for the market to regain momentum, pointing to employment holding up, solid household balance sheets and incomes that have grown faster than house prices.
First-time buyers in England are waiting on Your First Home, the scheme confirmed in this week's Budget. Applications are expected to open in February, with the first sales in April.
