Introduction: UK house price growth slowest since January 2024
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Britain’s housing market is feeling an autumnal chill, as rising mortgage rates hits demand.
UK annual house price growth slowed to 0.5% in October, the slowest pace since January 2024, new data from Nationwide this morning shows. That’s down from 0.8% in the year to September.
On a monthly basis, the average price of a house was unchanged this month.
The jump in fixed-rate mortgages to almost 6%, on average, appears to have dampened buyers’ enthusiasm, pushing up the cost of repaying a mortgage.
Robert Gardner, Nationwide’s chief economist, says:
“Market activity and house price growth have slowed in recent months, in part reflecting the uncertain economic backdrop. Geopolitical tensions remain high, with the conflict in the Middle East exerting upward pressure on energy prices, fanning inflation concerns.
“This in turn has led to mounting financial market expectations of Bank Rate increases, which have maintained upward pressure on the market interest rates which underpin mortgage pricing.
Forward-looking indicators suggest thee could be “further softness in the near term,” Gardner adds:
Surveyors report that new buyer enquiries remain weak. Moreover, consumer sentiment dipped noticeably in October, with households becoming less confident about the outlook for the general economy as well as their own financial situation in the year ahead.
The agenda
7am GMT: Nationwide’s October House Price Index
9.30am GMT: UK GDP quarterly national accounts: April to June 2026
10am GMT: eurozone GDP report for Q3 2026
