Financial News: UK House Price Inflation Slows To 2.4%: Nationwide

UK House Price Inflation Slows To 2.4%: Nationwide

11/01/2024 - 03:33:00 (RTTNews)

(RTTNews) - House price inflation in the UK eased for the first time in six months in October, the Nationwide Building Society reported Friday.

House price growth softened to 2.4 percent in October from 3.2 percent in September. Economists had expected inflation to fall to 2.8 percent.

On a monthly basis, house prices rose only 0.1 percent, after a 0.6 percent gain in the previous month.

"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," Robert Gardner, Nationwide's Chief Economist, said.

Housing activity and prices have been steadily rising since the start of 2024 amid solid labor market conditions, with low levels of unemployment and strong income gains, even after taking account of inflation.

"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," the chief economist added.

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