House price growth slows in October - Nationwide

1st Nov 2024 07:47

(Sharecast News) - UK house price growth slowed in October, according to figures released on Friday by Nationwide.

House prices ticked up just 0.1% on the month following 0.6% growth in September. This was below expectations for 0.3% growth.

On the year, house prices rose 2.4% in October, down from 3.2% a month earlier.

The average price of a home stood at £265, 738, versus £266,094 in September.

Nationwide chief economist Robert Gardner said: "Housing market activity has remained relatively resilient in recent months, with the number of mortgage approvals approaching the levels seen pre-pandemic, despite the significantly higher interest rate environment.

"Solid labour market conditions, with low levels of unemployment and strong income gains, even after taking account of inflation, have helped underpin a steady rise in activity and house prices since the start of the year.

"Providing the economy continues to recover steadily, as we expect, housing market activity is likely to continue to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth."