Forex News

UK October Nationwide house prices -0.9% vs 0.0% m/m prior

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  • Prior 0.0%
  • House prices +7.2% y/y
  • Prior +9.5%

UK house prices show a first monthly decline since July 2021 with a sharp slowdown seen in the annual house price growth last month. Nationwide notes that:

“The market has undoubtedly been impacted by the turmoil following the mini-Budget, which led to a sharp rise in market interest rates. Higher borrowing costs have added to stretched housing affordability at a time when household finances are already under pressure from high inflation.”