UK house price growth slowest in October since January 2024 - Nationwide

(Sharecast News) - Growth in UK house prices eased in October to its slowest since 2024, according to data released on Friday by Nationwide. House prices rose 0.5% on the year, down from 0.8% growth in September. On the month, there was no change in October following a 0.3% decline the month before.

The average price of a house stood at £273,566 this month, down from £274,251 in September.

Nationwide chief economist Robert Gardner said October's annual house price growth marked the weakest since January 2024.

"Market activity and house price growth have slowed in recent months, in part reflecting the uncertain economic backdrop," he said. "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."